Today, Thursday, November 19, import iron ore prices for China have moved up compared to yesterday and indicated big rises compared to November 12 amid a sharp increase in futures prices and still strong steel prices in China.
Iron ore fines with 62 percent Fe content have edged up by $1.7/mt today to $128.2/mt CFR, while up $5.2/mt week on week. Brazilian iron ore with 65 percent Fe has moved up by $0.6/mt today to $139.3/mt CFR, up by $4.3/mt week on week, SteelOrbis has learned.
Today, two deals for 170,000 mt each of 62 percent and 61.5 percent Fe PB fines have been concluded at the 62 percent Fe December index + $3.7/mt and at the December index + $2.6/mt, respectively. Also, 70,000 mt of lower grade SFHG with Fe content of 59.94 percent have been sold at the December index - $11.3/mt. 90,000 mt of Ukrainian pellets with 65 percent Fe content have been sold at the January 65 percent index + $25/mt.
During the past week, import iron ore prices in China have indicated an uptrend amid better demand as some steelmakers have delayed their maintenance plans. Meanwhile, iron ore shipments decreased amid berth maintenance works in Australia and Brazil, and volumes of iron ore supplies arriving at Chinese ports also declined.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 2.45 percent today, coming to RMB 876.5/mt ($133.8/mt), while increasing by 4.9 percent compared to November 12. Strong futures prices have brought visible support to spot prices in China.
Also on Thursday, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,940/mt ($601.7/mt), increasing by RMB 108/mt ($16.5/mt) or 2.82 percent since November 12, while increasing by 0.87 percent compared to the previous trading day.
The uptrend in the iron ore market may face resistance from buyers towards the end of the month, if demand for import iron ore slackens due to steelmakers’ lower production for the winter season and if the cold weather impacts China negatively, affecting the demand for iron ore.