Import iron ore prices in China have moved up today, Thursday, June 10 compared to June 9, while also indicating rises compared to last week. Higher futures prices and the possible limitation of supply have provided support for prices.
Iron ore fines with 62 percent Fe content have edged up by $1.2/mt compared to June 9, to $214.5/mt CFR. This level is $4.05/mt above that seen a week ago on June 3. Brazilian iron ore with 65 percent Fe has seen a rise of $1.25/mt today to $244.95/mt CFR, up $3.9/mt week on week, SteelOrbis has learned.
On June 10, trading has mostly been seen at ports, while demand for cargoes directly from miners has been limited. Eight deals totaling 110,000 mt of iron ore have been concluded at the ports. The biggest deal was for 10,000 mt of 61.46 percent PB fines, at RMB 1,450/mt ($226.7/mt), for delivery at Tianjin port.
As SteelOrbis reported earlier this week, Brazilian miner and iron ore producer Vale suspended activities at its Timbopeba iron ore mine, which is expected to result in an estimated loss of iron ore capacity of 33,000 mt per day. This has provided some support for iron ore prices.
During the given week, import iron ore prices have posted slight rises, though demand has not seen significant increases amid production restrictions in some regions. The rainy season has begun in eastern China, signaling that demand for steel will slacken in the coming days, which will exert a negative impact on iron ore prices.
However, iron ore futures prices at Dalian Commodity Exchange have moved up by 0.68 percent today, coming to RMB 1,178/mt ($184/mt) compared to June 9, while decreasing by RMB 16/mt ($23.0/mt) or 1.34 percent compared to June 3.
As of Thursday, June 10, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,166/mt ($807.5/mt), increasing by RMB 18/mt ($2.8/mt) or 0.35 percent since June 3, while rising by 2.7 percent compared to the previous trading day (June 9).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,805 |
15 |
282.2 |
1.6 |
|
Yandi fines |
58 / 59 |
1,150 |
-28 |
179.8 |
-4.8 |
|
PB Fines |
62 |
1,445 |
20 |
225.9 |
2.6 |
|
PB iron ore lump |
62/63 |
1,860 |
15 |
290.8 |
1.6 |
|
Brazil fines |
63 |
1,540 |
20 |
240.7 |
2.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,387 |
77 |
217 |
12 |
|
Beipiao |
1,322 |
46 |
207 |
7 |
Price includes VAT.
$1 = RMB 6.3972