Import iron ore prices in China have increased further today, Thursday, August 31, while moving up as well compared to one week ago, supported by steel and raw material futures price gains amid improved expectations, though the real spot demand has eased by the end of the week.
Iron ore fines with 62 percent Fe content have increased by $1.8/mt today to $118.1/mt CFR. This level is $3.5/mt above that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $1.45/mt on August 31 to $128.95/mt CFR, while up $2.5/mt week on week, SteelOrbis has learned.
12 deals for a total of 89,500 mt have been concluded at Corex on Thursday, which indicates significant declines in trading activity compared to over 200,000 mt sales per day on Monday and Tuesday this week and 143,000 mt on Wednesday.
During the given week, import iron ore prices have moved up amid the decreasing volume of iron ore arriving at ports. At the same time, inventory of iron ore has been at relatively low levels, bolstering prices. Though steelmakers in China will likely implement production restrictions during the remainder of this year, market players think the peak season of September and October will materialize and will provide support for iron ore prices. It is thought that import iron ore prices in the Chinese market will likely fluctuate within a limited range in the coming week.
On August 31, iron ore futures prices have indicated an increase of 4.7 percent week on week as production restrictions have not been implemented yet, resulting in relatively high molten iron outputs and providing firm support for iron ore prices.
Iron ore futures prices at Dalian Commodity Exchange have risen by 3.54 percent to RMB 849/mt ($118.2/mt) compared to the previous trading day (August 30), while increasing by RMB 38/mt ($5.3/mt) compared to August 24.
As of Thursday, August 31, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,740/mt ($521/mt), increasing by RMB 52/mt ($7.2/mt) or up 1.4 percent since August 24, while rising by 1.27 percent compared to the previous trading day (August 30).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,013 |
+17 |
141.1 |
+2.5 |
|
Yandi fines |
58/59 |
848 |
+12 |
118.1 |
+1.8 |
|
PB Fines |
62 |
915 |
+12 |
127.4 |
+1.8 |
|
PB iron ore lump |
62/63 |
1,013 |
+8 |
141.1 |
+1.3 |
|
Brazil fines |
63 |
925 |
-3 |
128.8 |
-0.3 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
968 |
-2 |
135 |
0 |
|
Beipiao |
904 |
0 |
126 |
0 |
Price includes VAT.
$1 = RMB 7.1811