Today, Thursday, December 17, iron ore prices have moved up compared to yesterday and have posted slight increases on week-on-week basis as well. The negative correction seen earlier this week has stopped, supported by firm demand, high steel prices and iron ore supply worries.
Iron ore fines with 62 percent Fe content have edged up by $2/mt today to $158/mt CFR, while rising by $1.5/mt week on week. Brazilian iron ore with 65 percent Fe has risen by $2/mt on the same day to $170/mt CFR, up by $2/mt week on week, SteelOrbis has learned.
11 deals for a total of 559,100 mt of iron ore have been concluded on December 17 on trading platforms, with the biggest deals including 170,000 mt of 62 percent PB fines and 110,000 mt of 60.5 percent Jimblebar blended fines, concluded at the January 62 percent Fe index + $2.8/mt and -$2.75/mt, for shipment during January 6-15 and January 7-16, respectively.
During the given week, iron ore prices have increased further and hit a historical high for recent years. Finished steel prices have also moved up and so market players still hold an optimistic view of the future prospects for the iron ore market. However, more blast furnaces are expected to implement maintenance works in the near future, which will slacken demand for iron ore, while iron ore shipments will decline in Australia due to the hurricane. It is expected that iron ore prices will remain supported in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 2.6 percent today, coming to RMB 1,026.5/mt ($157.1/mt) compared to December 16, while increasing by 5.72 percent compared to December 10.
On Thursday, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,175/mt ($639/mt), increasing by RMB 135/mt ($21/mt) or 3.34 percent since December 10, while rising by 1.73 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,121 |
81 |
171.5 |
12.7 |
|
Yandi fines |
58 / 59 |
962 |
62 |
147.2 |
9.7 |
|
PB Fines |
62 |
1,027 |
46 |
157.1 |
7.3 |
|
PB iron ore lump |
62/63 |
1,138 |
93 |
174.1 |
14.5 |
|
Brazil fines |
63 |
1,061 |
29 |
162.3 |
4.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
979 |
35 |
150 |
6 |
|
Beipiao |
904 |
45 |
138 |
7 |
Price includes VAT.
$1 = RMB 6.5362