Iron ore prices stabilize at high level

Iron ore prices have remained in line with those recorded on July 22 and have posted minor changes compared to last week, being close to the record high level of the current year.

Iron ore fines with 62 percent Fe content have remained stable today, July 23, at $111.2/mt CFR, while Brazilian iron ore with 65 percent Fe has also moved sideways on the same day at $122.2/mt CFR, while edging up slightly compared to July 16, SteelOrbis has learned.

During the day, a deal for 90,000 mt of 60.5 percent Fe Jimblebar blended fines was concluded at the August index -$3.0/mt. Also, two cargoes of 30,000 mt and 10,000 mt of 62.55 percent Newman fines and SFHT were traded at RMB 869/mt ($124.3/mt) and RMB 605/mt ($86.6) at Caofeidian port and Jingtang port, respectively. Brazilian blended fines with 62 percent Fe have been traded at $112.8/mt CFR, while a cargo of 170,000 mt of Pilbara fines has been transacted at $108.65/mt CFR today.

During the given week, tradable iron ore at ports has been in short supply and so traders have bolstered their selling prices for iron ore. Following previous rises in iron ore prices, steelmakers have been cautious about concluding purchases and have adopted a wait-and-see stance as regards the market prospects, while relatively low inventory levels and the supply shortage will continue to provide support for iron ore prices.

Iron ore futures prices at Dalian Commodity Exchange have edged down by 0.29 percent today to RMB 845.5/mt ($121/mt) compared to July 22, while increasing by 2.3 percent compared to July 16.

On Thursday, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,806/mt ($544.5/mt), increasing by RMB 103/mt ($14.7/mt) or 2.8 percent since July 16, while increasing by 0.45 percent compared to the previous trading day.  

Imported iron ore prices in China (week-on-week basis)

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 6.9921