Import iron ore prices in China have moved down today, Thursday, December 22, while they have also fluctuated within a limited range at a slightly lower level compared to last week. Iron ore inventories being at a low level have been providing support for prices over the past few days, but since the steel market lacks strength and overall fundamentals are not so supportive, iron ore spot prices have gradually been corrected downwards.
Iron ore fines with 62 percent Fe content have edged down by $2/mt today to $111.5/mt CFR. This level is $1.2/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $1.5/mt on December 22 to $127.9/mt CFR, down $0.3/mt week on week, SteelOrbis has learned.
On December 22, 80,000 mt of Newman fines with 62 percent Fe have been sold at $110.5/mt CFR.
During the given week, import iron ore prices have fluctuated within a limited range. Rebar futures prices edged up first and then moved down sharply, weakening the support for iron ore prices. The mass Covid-19 infections have negatively affected the overall market. However, the relatively low inventory levels of iron ore on the steelmakers’ side will bolster prices. Steelmakers may build up stocks in the coming period. It is expected that import iron ore prices may rise slightly in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged down by 1.5 percent to RMB 817.5/mt ($117.3/mt) compared to December 15, while increasing by 0.68 percent compared to December 21.
As of Thursday, December 22, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,961/mt ($568.3/mt), decreasing by RMB 123/mt ($35.3/mt) or down 3.0 percent since December 15, while declining by 0.43 percent compared to the previous trading day (December 21).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
935 |
2 |
134.1 |
-0.4 |
|
Yandi fines |
58 / 59 |
720 |
10 |
103.3 |
0.9 |
|
PB Fines |
62 |
826 |
3 |
118.5 |
-0.2 |
|
PB iron ore lump |
62/63 |
935 |
2 |
134.1 |
-0.4 |
|
Brazil fines |
63 |
837 |
2 |
120.1 |
-0.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
879 |
3 |
126 |
0 |
|
Beipiao |
819 |
5 |
117 |
0 |
Price includes VAT.
$1 = RMB 6.9713