Import iron ore prices in China have edged down today, Thursday, February 2, for the third day in a row after the hike seen on Monday, the first day after the holiday. Though the current prices are slightly above those in the pre-holiday period, the market mood is not so good as iron ore and steel futures prices have been losing ground, reflecting weak sentiments and slow market fundamentals.
Iron ore fines with 62 percent Fe content have edged down by $1.7/mt today to $125.3/mt CFR. This level is $0.7/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $1.55/mt on February 2 to $139.05/mt CFR, up $1.3/mt week on week, SteelOrbis has learned.
On February 2, 51,000 mt of Pilbara fines have been traded at the unfixed price of the 62 percent Fe content March-May index + $1.25. 90,000 mt of Newman fines have changed hands at $124.4/mt CFR, while a similar volume of Jimblebar fines has been sold at the 62 percent index -$4.95/mt.
During the given week, import iron ore prices moved up first, while edging down later amid the slack demand from downstream users as some market players are not yet back in the market. Meanwhile, supply of mainstream iron ore has been sufficient, while steelmakers have been cautious in building up stocks. Moreover, iron ore futures prices have moved down, exerting a negative impact on prices in the spot market. It is expected that import iron ore prices may fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged down by 1.3 percent to RMB 841.5/mt ($125.4/mt) compared to January 18, while decreasing by 3.33 percent compared to February 1.
As of Thursday, February 2, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,042/mt ($602/mt), decreasing by RMB 154/mt ($23/mt) or down 3.7 percent since January 19, while decreasing by 1.96 percent compared to the previous trading day (February 1).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
987 |
33 |
147.0 |
6.0 |
|
Yandi fines |
58 / 59 |
787 |
21 |
117.2 |
4.0 |
|
PB Fines |
62 |
873 |
18 |
130.0 |
3.7 |
|
PB iron ore lump |
62/63 |
990 |
33 |
147.5 |
6.1 |
|
Brazil fines |
63 |
913 |
23 |
136.0 |
4.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
945 |
10 |
141 |
3 |
|
Beipiao |
876 |
17 |
130 |
4 |
Price includes VAT.
$1 = RMB 6.713