Import iron ore prices in China have edged down slightly today, Thursday, November 25, compared to November 24, due to demand softening after the previous three days when trading was active. Over the past week, iron ore prices have increased visibly, breaking the $100/mt CFR mark.
Iron ore fines with 62 percent Fe content have edged down by $1.5/mt compared to November 25, to $100.8/mt CFR. However, this level is $13.6/mt above that seen a week ago.
Brazilian iron ore with 65 percent Fe has moved down by $1.4/mt on November 25 to $114.3/mt CFR, but is up $11.6/mt week on week, SteelOrbis has learned.
On November 25, three deals of 31,000 mt of iron ore have been concluded at ports, while only one deal for Pilbara lumps has been done at the COREX trading platform.
During the given week, import iron ore prices have indicated a rebounding trend amid better sentiments due to the expected resumption of production on the steelmakers’ side in December and improved demand. Meanwhile, deliveries in the global market and the volume of iron ore arriving in the market have decreased, bolstering iron ore prices. However, the demand for finished steel has not seen significant improvements and the Tangshan authorities on Wednesday called for another round of restrictions to control air quality, which exerted a negative impact on iron ore prices today. It is thought that import iron ore prices may edge up in the short term, but the space for a rise is unlikely to be big.
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved up by 1.83 percent today to RMB 611.5/mt ($95.5/mt), while rosing by RMB 100/mt ($15.62/mt) or 19.55 percent compared to November 18.
As of Thursday, November 25, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,471/mt ($699/mt), increasing by RMB 302/mt ($47.2/mt) or 7.2 percent since November 18, while rising by 0.86 percent compared to the previous trading day (November 24).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
782 |
+42 |
122.2 |
+6.2 |
|
Yandi fines |
58 / 59 |
510 |
+45 |
79.7 |
+6.8 |
|
PB Fines |
62 |
685 |
+90 |
107.1 |
+13.8 |
|
PB iron ore lump |
62/63 |
787 |
+42 |
123.0 |
+6.2 |
|
Brazil fines |
63 |
712 |
+81 |
111.3 |
+12.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price ($/mt) |
Change |
|
Tangshan |
765 |
-25 |
120 |
-4 |
|
Beipiao |
712 |
-34 |
111 |
-6 |
Price includes VAT.
$1 = RMB 6.398