Iron ore stable at slightly below $160/mt on last working day of year 

Today, December 31, iron ore prices have remained stable compared to yesterday and indicated slight declines compared to December 24. The year for iron ore is ending on a relatively positive note as the benchmark price is just slightly below $160/mt CFR, which is $66.1/mt higher than on December 31, 2019, according to SteelOrbis’ data.

Iron ore fines with 62 percent Fe content have remained stable today at $158.2/mt CFR, while down by $4.8/mt week on week. Brazilian iron ore with 65 percent Fe has remained stable on the same day at $172.8/mt CFR, down by $2.7/mt week on week, SteelOrbis has learned.

No deal for iron ore has been concluded on the last trading day of 2020.

During the given week, due to the extremely cold weather hitting China, construction activities have slowed down and resulted in slacker demand for steel and iron ore. Steelmakers’ capacity utilization rates have declined amid environmental protection measures. At the same time, steelmakers have been unwilling to build up stocks of iron ore as they are worried about the prospects for the future market. However, the relatively low inventory levels of iron ore have bolstered prices to some extent. It is thought that iron ore prices may fluctuate within a limited range at the current high levels in the coming week. 

Iron ore futures prices at Dalian Commodity Exchange have edged up by 2.05 percent today, coming to RMB 996/mt ($152.6/mt) compared to December 30, while decreasing by 3.86 percent compared to December 24. 

On Thursday, rebar futures at the Shanghai Futures Exchange are standing at 4,388/mt ($672.5/mt), increasing by RMB 97/mt ($15/mt) or 2.26 percent since December 24,while increasing by 3.32 percent compared to the previous trading day.

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

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 6.5249