Iron ore prices have posted just minor changes on July 9 after surging on July 8. Sentiment in the market has remained bullish, with futures prices continuing to move on a rising trend.
Iron ore fines with 62 percent Fe content have added $0.2/mt today, July 9, to $106/mt CFR, while Brazilian iron ore with 65 percent Fe has moved sideways on the same day at $119.2/mt CFR, SteelOrbis has learned.
Six deals for 730,000 mt of iron ore have been concluded on July 9. One of the biggest deals was for 170,000 mt of 58 percent Fe Yandi fines, concluded at the August 62 percent Fe index +$0.2/mt. Also, a cargo of 120,000 mt of Pilbara fines and 70,000 mt of Pilbara lumps were traded at the July index +0.8/mt for fines and without extras for lumps. About 90,000 mt of Newman fines with 62.3 percent Fe were sold at $106.75/mt CFR.
During the given week, import iron ore prices in China have moved up owing to restocking, higher futures prices and healthy demand for steel products. Meanwhile, shipments from miners have increased, though there has been some limited allocation for mid-grade fines in traders’ hands. The capacity utilization rates of blast furnaces in China have almost remained in line with the previous week, while some regions have issued policies restricting steel production, Tangshan and Xuzhou in particular, which may exert pressure on demand for iron ore in the future. But for now demand for iron ore is at high levels, supporting prices.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 1.02 percent today, coming to RMB 789/mt ($112.7/mt) compared to July 8, while increasing by 6.8 percent compared to July 2.
On Thursday, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,726/mt ($532.3/mt), increasing by RMB 153/mt ($22.0/mt) or 4.3 percent since July 2, while increasing by 1.31 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
853 |
10 |
121.7 |
2.2 |
|
Yandi fines |
58 / 59 |
704 |
19 |
100.4 |
3.4 |
|
PB Fines |
62 |
803 |
38 |
114.6 |
6.2 |
|
PB iron ore lump |
62/63 |
851 |
12 |
121.4 |
2.5 |
|
Brazil fines |
63 |
854 |
13 |
121.8 |
2.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
806 |
-2 |
115 |
0 |
|
Beipiao |
768 |
11 |
110 |
2 |
Price includes VAT.
$1 = RMB 7.0085