Import iron ore prices in China have moved up on July 15, on daily and weekly basis amid rises in steel prices and futures increases. Although lower inventories of iron ore at ports have also provided support, sentiment for the near future is mixed as severe crude steel production cuts in China will put pressure on overall iron ore consumption in H2.
Iron ore fines with 62 percent Fe content have edged up by $1.9/mt compared to July 14, to $218.7/mt CFR. This level is $1.7/mt above that seen a week ago on July 8. Brazilian iron ore with 65 percent Fe has increased by $4/mt over a day to $255.45/mt CFR, which is $4.45/mt up week on week, SteelOrbis has learned.
On July 14, trading activity increased, but no deals were reported at trading platforms on July 15.
During the given week, import iron ore prices have seen rises amid some restocking from downstream steelmakers, while a negative outlook is still seen by a number of market participants due to the expectation for the slack demand for iron ore amid the production restrictions in H2. Traders have been bearish towards prospects for the future market even though profits of mills have improved gradually recently.
Decreasing deliveries and less iron ore arriving at the ports bolster iron ore prices to some extent for now. It is thought that import iron ore prices may fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 3.92 percent today, coming to RMB 1,234/mt ($191/mt) compared to July 8, while rose by RMB 19.5/mt ($3.0/mt) or 1.61 percent compared to July 14.
As of Thursday, July 15, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,546/mt ($858/mt), increasing by RMB 153/mt ($38.2/mt) or 2.84 percent since July 8, while increasing by 0.87 percent compared to the previous trading day (July 14).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,850 |
-15 |
286.2 |
-2.0 |
|
Yandi fines |
58 / 59 |
1,200 |
-5 |
185.6 |
-0.6 |
|
PB Fines |
62 |
1,478 |
-27 |
228.7 |
-3.9 |
|
PB iron ore lump |
62/63 |
1,880 |
-15 |
290.8 |
-2.0 |
|
Brazil fines |
63 |
1,576 |
-19 |
243.8 |
-2.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,461 |
9 |
226 |
2 |
|
Beipiao |
1,446 |
34 |
224 |
5 |
Price includes VAT.