Import iron ore prices in China have moved down further today, September 9, both from the previous day and from one week earlier, because of the fresh announcement of controls of steel output curbs in Jiangsu this month, in addition to the restrictions already implemented in Hebei.
Iron ore fines with 62 percent Fe content have dropped below a $130/mt mark - to $129.25/mt CFR today, down $2.55/mt compared to September 8. The current level is $9.95/mt below that seen a week ago on September 2. Brazilian iron ore with 65 percent Fe has moved down by $3.1/mt on September 9 compared to September 8, to $152.5/mt CFR, down $6.6/mt week on week, SteelOrbis has learned.
On September 9, nine deals for 251,100 mt iron ore were concluded at the COREX platform. The only seaborne deal among them was for 80,000 mt of 56.7 percent Yandi fines, down at the October index - $17/mt.
During the given week, import iron ore prices moved down as demand from Chinese steelmakers has been sluggish due to the continuing production restrictions. Moreover, inspections at steel mills in Jiangsu started on September 8 and the producers there will have to cut utilization rates to not above 50 percent in September-October to lower emissions and reduce energy consumption. Though the traditional peak season is coming, demand for iron ore may not increase much if the restriction remains so severe. As a result, it is thought that import iron ore prices may remain at low levels in the coming week.
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved down by 2.73 percent today compared to the previous day, coming to RMB 730/mt ($113/mt), while decreasing by RMB 43.5/mt ($6.7/mt) or 5.6 percent compared to September 2.
As of Thursday, September 9, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,682/mt ($879.6/mt), rising by RMB 409/mt ($63.3/mt) or 7.76 percent since September 2, while increasing by 4.47 percent compared to the previous trading day (September 8).
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
1,165 |
-115 |
180.3 |
-17.9 |
Yandi fines |
58 / 59 |
905 |
-18 |
140.0 |
-2.9 |
PB Fines |
62 |
972 |
-45 |
150.4 |
-7.0 |
PB iron ore lump |
62/63 |
1,165 |
-115 |
180.3 |
-17.9 |
Brazil fines |
63 |
1,085 |
-58 |
167.9 |
-9.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price($/mt) |
Change |
Tangshan |
1,167 |
-12 |
181 |
-2 |
Beipiao |
1,062 |
-34 |
164 |
-5 |
Price includes VAT.
$1 = RMB 6.4615