Import iron ore prices in China have edged up slightly today, Thursday, February 25, supported by higher futures prices and still rising trends in China's steel market. Nevertheless, prices have been stable or posted some small declines compared to last week as restrictions for crude steel production in Tangshan, which have already started, have exerted pressure on iron ore demand and on the near-term outlook.
Iron ore fines with 62 percent Fe content have moved up by $1.5/mt compared to February 24, to $174/mt CFR. However, this level is $0.5/mt below that seen a week ago on February 18. Brazilian iron ore with 65 percent Fe has risen by $0.5/mt today to $198/mt CFR, stable week on week, SteelOrbis has learned.
On February 25, one of the biggest deals was for 170,000 mt of 62 percent BRBF fines at $174.7/mt CFR, for shipment during March 17-26. Also, about 100,000 mt of Yandi fines were traded at the April index + $2.7/mt.
During the given week, import iron ore prices have indicated downward corrections following the sharp rises previously. Quick rises in iron ore prices have caused a wait-and-see stance to prevail among market players. Also, the stricter measures for steel production have started to be implemented in Tangshan since February 19, hitting iron ore consumption in the past week.
Market players expect a rising trend for commodity prices, taking into account the still positive view of the steel market in China, which has bolstered sentiment in the iron ore segment. It is thought that import iron ore prices will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 1.39 percent today, coming to RMB 1,131/mt ($175.3/mt), while being almost stable week on week.
On Thursday, February 25, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,686/mt ($726.5/mt), increasing by RMB 157/mt ($24/mt) or 3.47 percent since February 18, while rising by 2.4 percent compared to the previous trading day (February 24).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,510 |
10 |
234.0 |
1.6 |
|
Yandi fines |
58 / 59 |
1,084 |
18 |
168.0 |
2.8 |
|
PB Fines |
62 |
1,170 |
12 |
181.3 |
1.9 |
|
PB iron ore lump |
62/63 |
1,540 |
-10 |
238.7 |
-1.5 |
|
Brazil fines |
63 |
1,210 |
13 |
187.5 |
2.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,184 |
31 |
184 |
5 |
|
Beipiao |
1,071 |
21 |
166 |
3 |
Price includes VAT.
$1 = RMB 6.4522