Iron ore prices up slightly from one week ago, demand stronger

Thursday, 22 October 2020 17:41:31 (GMT+3)   |   Istanbul
       

Import iron ore prices for China have posted a small negative correction today, Thursday, October 22, compared to October 21, while indicating slight rises week on week. Demand has increased, supporting market sentiment.

Iron ore fines with 62 percent Fe content have edged down by $0.5/mt today to $119.7/mt CFR, while rising by $0.7/mt week on week. Brazilian iron ore with 65 percent Fe has remained stable on the same day at $133.4/mt CFR, SteelOrbis has learned, while edging up by $1/mt week on week.

Trading has been active in both the seaborne market and at Chinese ports. At trading platforms, two deals for 170,000 mt of Pilbara fines each have been done at the November index + $2.85/mt and $3.3/mt - in the first one, the Fe content was slightly below 62 percent. Also, 80,000 mt of Newman fines have changed hands at the November index + $3.5/mt, while 80,000 mt of Yandi fines with 58 percent Fe have been traded at the December index + $2.3/mt.

During the given week, import iron ore prices in China have moved on a slightly rising trend amid stable supply and rebounding futures prices in the past two trading days. However, steelmakers are very cautious on the future prospects for the steel market, which may exert a negative impact on iron ore prices.

Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.44 percent today, coming to RMB 793.5/mt ($119.2/mt), while increasing by 0.76 percent compared to October 15.

On Thursday, rebar futures at the Shanghai Futures Exchange are standing at 3,642/mt ($547/mt), increasing by RMB 30/mt ($4.5/mt) or 0.83 percent since October 15, while rising by 0.28 percent compared to the previous trading day.

 

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

Product name

Iron
Content

Truck loaded price
(RMB/mt)

Change
(RMB/mt)

Price
($/mt)

Change
($/mt)

Newman iron ore lump

63/63.5

897

-41

134.8

-4.5

Yandi fines

58 / 59

825

-21

123.9

-1.6

PB Fines

62

865

-15

130.0

-0.7

PB iron ore lump

62/63

937

-21

140.8

-1.4

Brazil fines

63

905

-9

136.0

0.3

Price includes VAT.  

 

Nationwide iron ore concentrate prices (66 percent Fe)

Place of origin

Market price RMB/mt, Incl. VAT)

Change
(RMB/mt)

Price$/mt)

Change
($/mt)

Tangshan

873

-15

131

-1

Beipiao

825

0

124

1

Price includes VAT. 

 

$1 = RMB 6.6556


Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials