Iron ore prices have moved up compared to that recorded on December 23 after fall over the past two previous days as fundamentals in the Chinese steel market have not been very bad and overall expectations have been stable for the rest of the year. And on a weekly basis iron ore prices have also posted some increase.
Iron ore fines with 62 percent Fe content have edged up by $3.6/mt today, December 24, to $165/mt CFR, while up by $7/mt week on week. Brazilian iron ore with 65 percent Fe has risen by $3.5/mt on the same day to $176.5/mt CFR, up by $6.5/mt week on week, SteelOrbis has learned.
Two deals of 60,000 mt iron ore have been concluded at trading platform for delivery from at Chinese ports on December 24, out of which 30,000 mt of 58.32 percent high silicon Brazilian ore was sold at RMB 885/mt ($135.4/mt), delivery at Jingtang port. Overall trading activity has remained poor and no deals have been done at the seaborne market over the day.
During the given week, traders have been optimistic towards the prospect for the future market and they have been unwilling to sell and waited for better prices. However, financial tightness approaching the end of the year will likely exert a negative impact on the iron ore market. Meanwhile, the better weather in Australia will increase the iron ore supply and will likely push up the iron ore shipments. It is thought that iron ore prices in the Chinese market will fluctuate within a limited range at current high levels in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.93 percent today, coming to RMB 1,036/mt ($158.5/mt) compared to December 23, while increasing by 0.93 percent compared to December 17.
On Thursday, rebar futures at the Shanghai Future Exchange are standing at 4,291/mt ($639/mt), increasing by RMB 116/mt ($18/mt) or 2.8 percent since December 17, while decreasing by 0.39 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,220 |
99 |
186.7 |
15.1 |
|
Yandi fines |
58 / 59 |
1,018 |
56 |
155.8 |
8.6 |
|
PB Fines |
62 |
1,115 |
88 |
170.6 |
13.5 |
|
PB iron ore lump |
62/63 |
1,231 |
93 |
188.3 |
14.2 |
|
Brazil fines |
63 |
1,154 |
93 |
176.6 |
14.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,035 |
56 |
158 |
9 |
|
Beipiao |
1,017 |
113 |
156 |
17 |
Price includes VAT.
$1 = RMB 6.5361