Import iron ore prices in China have indicated an increase today, Thursday, September 28, on the last working day ahead of the long holiday during September 29-October 6. Local prices for lumps have also gained this week amid restocking. But, in general, import iron ore prices have remained close to those seen last week as steelmakers’ lower margins have prevented any significant rises and downside risks for the post-holiday period have also remained if steel demand in October does not show any tangible improvement.
Iron ore fines with 62 percent Fe content have risen by $1.1/mt today to $119.25/mt CFR. This level is $0.25/mt below that seen one week ago. Brazilian iron ore with 65 percent Fe content has indicated an increase of $1.05/mt on September 28 to $126.7/mt CFR, while declining by $0.8/mt week on week, SteelOrbis has learned.
Six deals for 227,100 mt in total have been concluded at Corex today, including 90,000 mt of 62.3 percent Newman fines dealt at $119.4/mt CFR for shipment during October 26-November 4.
During the given week, lump ore prices in the Chinese market have seen rises amid decreasing deliveries. Some steelmakers have built up stocks ahead of the long National Day holiday (September 29-October 6), bolstering iron ore prices. Market players also expect another round of stock replenishments after the long holiday, but prices will depend very strongly on the situation in the steel market.
Iron ore futures prices at Dalian Commodity Exchange have risen by 0.89 percent to RMB 852/mt ($119/mt) compared to the previous trading day (September 27), while decreasing by RMB 2/mt ($0.28/mt) compared to September 21.
As of Thursday, September 28, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,690/mt ($514/mt), decreasing by RMB 72/mt ($10/mt) or down 1.9 percent since September 21, while increasing by 0.16 percent compared to the previous trading day (September 27).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,145 |
+60 |
159.5 |
+8.2 |
|
Yandi fines |
58/59 |
906 |
+1 |
126.2 |
0.0 |
|
PB Fines |
62 |
943 |
+3 |
131.3 |
+0.3 |
|
PB iron ore lump |
62/63 |
1145 |
+50 |
159.5 |
+6.8 |
|
Brazil fines |
63 |
963 |
+6 |
134.1 |
+0.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
991 |
-6 |
138 |
-1 |
|
Beipiao |
927 |
0 |
129 |
0 |
Price includes VAT.
$1 = RMB 7.1798