Iron ore prices have indicated big declines compared to September 17, though they have indicated slight rises today, Thursday, September 24, compared to yesterday amid replenishment of stocks by some customers ahead of the long holiday starting on October 1.
Iron ore fines with 62 percent Fe content have moved up by $1.3/mt today to $115/mt CFR, but this level is still down by $7.3/mt week on week. Brazilian iron ore with 65 percent Fe has edged up by $1.2/mt on the same day to $128.9/mt CFR, while edging down by $6.4/mt over the past week, SteelOrbis has learned.
About 80,000 mt of ex-Brazil iron ore with 65 percent Fe have been traded at $128.9/mt CFR on Thursday. Also, a cargo of 170,000 mt of Pilbara fines has been sold at $113.8/mt CFR. There has been some trading activity at Chinese ports. At the COREX trading platform, two deals have been concluded on September 24, 3,500 mt each of 62.17 percent Fe PB lumps at RMB 940/mt ($138/mt) at Jingtang Port.
During the past week, import iron ore prices in China have moved down sharply due to the bearish sentiment in the steel market and rising shipments of iron ore supplies arriving at Chinese ports. However, since the long National Day holiday is approaching (October 1-8), steelmakers’ iron ore purchases have remained firm, which has supported prices on Thursday. Futures prices for both iron ore and rebar have also posted some rebound today, supporting spot prices.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.33 percent today, coming to RMB 767/mt ($113/mt) compared to September 23, while decreasing by 2.9 percent compared to September 17 amid the lower capacity utilization rates of Chinese steelmakers in the north due to the strict production restrictions in Tangshan.
On Thursday, rebar futures at the Shanghai Futures Exchange are standing at 3,552/mt ($522/mt), decreasing by RMB 25/mt ($3.7/mt) or 0.7 percent since September 17, while increasing by 0.59 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
934 |
-18 |
137.3 |
-3.4 |
|
Yandi fines |
58 / 59 |
858 |
-12 |
126.1 |
-2.4 |
|
PB Fines |
62 |
882 |
-25 |
129.6 |
-4.4 |
|
PB iron ore lump |
62/63 |
935 |
-30 |
137.4 |
-5.1 |
|
Brazil fines |
63 |
936 |
-13 |
137.6 |
-2.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
903 |
-14 |
133 |
-3 |
|
Beipiao |
831 |
-16 |
122 |
-3 |
Price includes VAT.
$1 = RMB 6.8028