Import iron ore prices in China have moved down slightly today, Thursday, April 8, following a rebounding trend over the previous few days. Prices have indicated rises compared to last week. But the uncertainty regarding iron ore demand in the future due to continued inspections of steel mills in six provinces and retreating raw material and steel prices have put pressure on the iron ore market.
Iron ore fines with 62 percent Fe content have moved down by $0.2/mt today compared to April 7, to $172.3/mt CFR. However, this level is $6.2/mt above that seen a week ago on April 1. Brazilian iron ore with 65 percent Fe has remained stable today at $200.5/mt CFR, up $4.5/mt week on week, SteelOrbis has learned.
On April 8, a deal for 130,000 mt of 63 percent Newman fines was done at the May index + $3.5/mt, for shipment during May 21-30. Also, 85,000 mt of Mac fines have been traded at $167/mt CFR. A number of deals have been reported at Chinese ports, but customers have mainly been refusing to accept higher prices.
During the given week, demand for import iron ore from steelmakers in Tangshan has slackened due to production restrictions due to environmental protection measures. The delivery of import iron ore from Australia and Brazil has been steady, resulting in good supply in the given week. However, the relatively high level of steelmakers’ profitability has provided support for import iron ore prices.
Markey sources said that the iron ore market has been highly impacted by local steel prices in China and production cuts. The Chinese authorities have started checks at steel mills in six provinces, which may lead to further production cuts.
Iron ore futures prices at Dalian Commodity Exchange have moved down by 0.56 percent today, coming to RMB 982.5/mt ($150/mt) compared to April 7, while rising by RMB 7/mt ($1.1/mt) or 0.72 percent compared to April 1.
As of Thursday, April 8, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,115/mt ($781/mt), increasing by RMB 112/mt ($17.1/mt) or 2.24 percent since April 1, while decreasing by 0.23 percent compared to the previous trading day (April 7).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,520 |
15 |
232.2 |
2.7 |
|
Yandi fines |
58 / 59 |
1,010 |
2 |
154.3 |
0.6 |
|
PB Fines |
62 |
1,135 |
23 |
173.4 |
3.8 |
|
PB iron ore lump |
62/63 |
1,555 |
15 |
237.5 |
2.7 |
|
Brazil fines |
63 |
1,192 |
29 |
182.1 |
4.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,054 |
-8 |
161 |
-1 |
|
Beipiao |
994 |
-39 |
152 |
-6 |
Price includes VAT.
$1 = RMB 6.5584