Import iron ore prices in China have moved up both from yesterday and week on week, supported by the 5.77 percent rise in iron ore futures prices today, June 1, and decent demand.
Iron ore fines with 62 percent Fe content have moved up by $2.8/mt today to $105.3/mt CFR. This level is $7.9/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $1.7/mt on June 1 to $117.5/mt CFR, while up $5.75/mt week on week, SteelOrbis has learned.
On June 1, 18 deals of 414,100 mt of iron ore have been concluded at the Corex platform. In particular, 90,000 mt of 65 percent Fe content Carajas fines have been transacted at $117.5/mt CFR, while 30,000 mt of 61.7 percent Fe content PB fines and 30,000 mt of 61.45 percent Fe content PB fines have been traded at RMB 797/mt ($112.3/mt) and RMB 792/mt ($111.6/mt), with delivery at Caofeidian port and Qingdao port, respectively.
During the given week, import iron ore prices have moved on a rebounding trend, due to relatively firm demand, better sentiments, and some concerns over tighter supply, which, however, have failed to materialize for now. Meanwhile, iron ore futures prices moved up sharply on June 1, exerting a positive impact on market sentiments, resulting in speculative demand in the market. However, demand for finished steel will be sluggish in the traditional hot summer off-season, which will negatively affect the iron ore market and prevent prices from further sharp rises. It is expected that iron ore prices in the Chinese market will likely fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 9.1 percent to RMB 743/mt ($105/mt) compared to May 25, while increasing by 5.77 percent compared to the previous trading day (May 31).
As of Thursday, June 1, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,546/mt ($500/mt), increasing by RMB 114/mt ($36.2/mt) or up 3.32 percent since May 25, while rising by 2.84 percent compared to the previous trading day (May 31).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
893 |
23 |
125.8 |
2.5 |
|
Yandi fines |
58 / 59 |
735 |
12 |
103.6 |
1.1 |
|
PB Fines |
62 |
785 |
35 |
110.6 |
4.3 |
|
PB iron ore lump |
62/63 |
893 |
23 |
125.8 |
2.5 |
|
Brazil fines |
63 |
805 |
34 |
113.4 |
4.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
857 |
-4 |
121 |
-1 |
|
Beipiao |
791 |
-11 |
111 |
-3 |
Price includes VAT.
$1 = RMB 7.0965