Iron ore prices rebound amid higher futures, no support from demand

Thursday, 08 September 2022 17:19:04 (GMT+3)   |   Shanghai
       

Import iron ore prices in China have moved up today, Thursday, September 8, while also rising compared to last week amid strong gains in futures prices for both raw material and steel. Iron ore futures prices rose by 3.14 percent today.

Iron ore fines with 62 percent Fe content have moved up by $3/mt today to $99.8/mt CFR. This level is $4.2/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has risen by $3.1/mt on September 8 to $112.7/mt CFR, up 4.6/mt week on week, SteelOrbis has learned.

On September 8, 170,000 mt of 62 percent PB fines were traded at the October index + $0.4/mt, for shipment during October 5-14. Also, 80,000 mt of lower quality Jimblebar fines have been traded at the October index - $6.4/mt.

During the given week, import iron ore prices moved down first while moving up later, while demand has not improved as good as market players expected amid repeated outbreaks of the Covid-19 pandemic. As the Midi-Autumn Day holiday (September 10-12) is approaching, some steelmakers may replenish stocks ahead of the holiday, which will bolster import iron ore prices in the coming days. Moreover, iron ore arriving at Chinese ports may decrease due to the negative impact of the typhoon. It is thought that import iron ore prices may edge up in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have moved up by 4.5 percent to RMB 706/mt ($102.3/mt) compared to September 1, while increasing by 3.14 percent compared to September 7.

As of Thursday, September 8, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,719/mt ($539/mt), increasing by RMB 77/mt ($1.6/mt) or 2.1 percent since September 1, while rising by 0.87 percent compared to the previous trading day (September 7).

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

Product name

Iron
Content

Truck loaded price
(RMB/mt)

Change
(RMB/mt)

Price
($/mt)

Change
($/mt)

Newman iron ore lump

63/63.5

860

-3

124.4

-1.0

Yandi fines

58 / 59

681

-17

98.5

-2.9

PB Fines

62

740

0

107.0

-0.5

PB iron ore lump

62/63

862

-8

124.7

-1.8

Brazil fines

63

780

0

112.8

-0.5

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Place of origin

Market price RMB/mt, Incl. VAT)

Change
(RMB/mt)

Price$/mt)

Change
($/mt)

Tangshan

825

6

119

0

Beipiao

746

0

108

-1

Price includes VAT. 

$1 = RMB 6.9148


Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials