Import iron ore prices in China have edged up slightly today, Thursday, September 29, while indicating declines compared to last week due to the expected decline in iron ore consumption from the end of September and until the middle of October. Iron ore futures prices rose by 0.77 percent on September 29, which stimulated some rebound in spot prices, which, however, was smaller than the previous declines.
Iron ore fines with 62 percent Fe content have edged up by $0.4/mt today to $95.8/mt CFR. This level is $2.45/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has risen by $0.5/mt on September 29 to $109/mt CFR, down 1.8/mt week on week, SteelOrbis has learned.
On September 29, a deal for 80,000 mt of 60.5 percent Jimblebar fines was done at the November index - $4.5/mt, for shipment during October 26-November 4. Also, 100,000 mt of Pilbara fines have been traded at the November index + $0.95/mt.
During the given week, import lump ore prices have moved up amid improved sentiments among market players. Traders have been willing to buy as they expected replenishment of stocks ahead of the long National Day holiday (October 1-7). But recently, rumors said there may be production restrictions (at sintering capacities) from the end of September to improve atmospheric conditions before the Chinese Communist Party meeting on October 16, stimulating transaction activities for lump ore, but raising concerns over demand for iron ore fines. It is expected that import iron ore prices may fluctuate within a limited range in the coming week, though lump ore, which has attracted market players’ attention continuously, may edge up in price.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.6 percent to RMB 722.5/mt ($101.6/mt) compared to September 22, while increasing by 0.77 percent compared to September 28.
As of Thursday, September 29, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,836/mt ($539.5/mt), increasing by RMB 71/mt or up 1.9 percent since September 22, while rising by 0.13 percent compared to the previous trading day (September 28).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
903 |
+50 |
127.0 |
+4.8 |
|
Yandi fines |
58/59 |
702 |
-1 |
98.7 |
-2.0 |
|
PB Fines |
62 |
753 |
+3 |
105.9 |
-1.5 |
|
PB iron ore lump |
62/63 |
900 |
+42 |
126.6 |
+3.7 |
|
Brazil fines |
63 |
788 |
+3 |
110.8 |
-1.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
825 |
-23 |
118 |
-5 |
|
Beipiao |
768 |
0 |
110 |
-1 |
Price includes VAT.
$1 = RMB 7.1102