Import iron ore prices in China have edged down today, Thursday, May 18, while indicating an uptrend compared to the previous week supported by rising futures prices and some improvement in demand, which has led to a lowering of inventories.
Iron ore fines with 62 percent Fe content have moved down by $1.75/mt today to $109.75/mt CFR. But this level is $7.25/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $1.7/mt on May 18 to $124.9/mt CFR, while up $7.7/mt week on week, SteelOrbis has learned.
On May 18, 17 deals totaling 372,000 mt of iron ore have been concluded at the Corex platform. In particular, 170,000 mt of 62 percent Fe-content PB fines have transacted at the July 62 percent index + $3.05/mt, with laycan during June 25 to July 4.
During the given week, import iron ore prices have seen a rebounding trend amid better demand as some mills have increased production after maintenance works, while market sentiment has been positively affected by increasing iron ore futures prices. Meanwhile, some steelmakers may increase production activities further, which will bolster iron ore prices. Moreover, China is expected to issue stimulus policies to boost the poor performance of the real estate industry, which will exert a positive impact on the iron ore 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 moved up by 6.9 percent to RMB 746.5/mt ($106.8/mt) compared to May 11, while increasing by 1.91 percent compared to the previous trading day (May 17).
As of Thursday, May 18, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,687/mt ($527.5/mt), increasing by RMB 87/mt ($12.5/mt) or up 2.4 percent since May 11, while rising by 0.3 percent compared to the previous trading day (May 17).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
911 |
18 |
130.2 |
1.0 |
|
Yandi fines |
58 / 59 |
767 |
16 |
109.6 |
0.9 |
|
PB Fines |
62 |
804 |
24 |
114.9 |
2.0 |
|
PB iron ore lump |
62/63 |
914 |
19 |
130.6 |
1.1 |
|
Brazil fines |
63 |
820 |
25 |
117.2 |
2.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
861 |
4 |
123 |
-1 |
|
Beipiao |
814 |
34 |
116 |
3 |
Price includes VAT.
$1 = RMB 6.9967