Import iron ore prices in China have moved up today, Thursday, August 11, while also seeing rises compared to last week amid the gradual improvement in demand and futures price rises. Iron ore futures prices increased by 2.28 percent on August 11, reflecting the positive sentiment in the market. However, many market sources have remained cautious as steel demand has not been strong and iron ore stocks have been on the rise.
Iron ore fines with 62 percent Fe content have moved up by $2.5/mt today to $110.2/mt CFR. This level is $6.4/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has risen by $3/mt on August 11 to $120.1/mt CFR, up $7/mt week on week, SteelOrbis has learned.
On August 11, sixteen deals for a total of 226,800 mt of iron ore were done on the Corex platform. One deal for 90,000 mt of 60.8 percent Fe content Mac fines was signed at $104/mt CFR today, for shipment during September 6-15, which is $2/mt above a contract for similar grade ore yesterday.
During the past week, import iron ore prices have fluctuated within a limited range with an upward bias. Currently, capacity utilization rates of blast furnaces in China have increased further, which has stimulated demand for iron ore. However, the increasing iron ore volumes at ports have exerted a negative impact on the outlook. The widespread hot weather will continue in the near future in China, which will negatively affect demand for steel and weaken support for the iron ore market. It is expected that import iron ore prices may edge down slightly in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have sharply increased by 2.28 percent today to RMB 741/mt ($110/mt), while increasing by 7.6 percent compared to August 4. (main futures contract shifted to i2301)
As of Thursday, August 11, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,108/mt ($609.5/mt), increasing by RMB 128/mt ($19/mt) or 3.2 percent since August 4, while rising by 0.66 percent compared to the previous trading day (August 10).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
905 |
+5 |
134.4 |
+1.4 |
|
Yandi fines |
58 / 59 |
735 |
-7 |
109.2 |
-0.5 |
|
PB Fines |
62 |
785 |
+17 |
116.6 |
+3.1 |
|
PB iron ore lump |
62/63 |
900 |
-5 |
133.7 |
-0.1 |
|
Brazil fines |
63 |
825 |
+17 |
122.5 |
+3.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
825 |
-11 |
123 |
-1 |
|
Beipiao |
768 |
+45 |
114 |
+7 |
Price includes VAT.
$1 = RMB 6.7324