Iron ore prices move upwards

Import iron ore prices in China have seen increases today and over the week, improving mainly on sentiments and since the previous level of below $100/mt CFR has been assessed too low for the spring market conditions.  

Iron ore fines with 62 percent Fe content have increased by $1.2/mt today to $108.5/mt CFR. This level is $4.05 /mt above that seen on Monday, first day after the holidays. Brazilian iron ore with 65 percent Fe has added $1.1/mt over the day to $119.95/mt CFR, while up $3.9/mt from early this week, SteelOrbis has learned.

Import iron ore prices have seen rises amid the increasing futures prices. Shipments of mainstream import iron ore decreased, also providing support. At the same time, demand for iron ore has been slack amid the cautious market sentiments. However, market players thought the demand for iron ore from steelmakers may improve in the coming week. It is thought that import iron ore prices in the Chinese market will likely edge up in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have increased by 1.29 percent today to RMB 826/mt ($116.3/mt) compared to the previous trading day, April 10, while increasing by RMB 68/mt ($9.6/mt) compared to March 28.

As of April 11, rebar futures at Shanghai Futures Exchange are standing at RMB 3,613/mt ($509/mt), increasing by RMB 132/mt ($18.6/mt) or 3.8 percent since March 28, while up 0.75 percent compared to the previous trading day, April 10.

Imported iron ore prices in China (week-on-week basis)

Price includes VAT. 

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 7.0968