Today, Thursday, February 4, iron ore prices have moved up compared to yesterday, while they have even indicated slight rises compared to January 28. Rapidly rising futures prices have supported spot prices and helped them to recover after a drop below the $150/mt CFR mark on Tuesday, February 2.
Iron ore fines with 62 percent Fe content have moved up by $5.35/mt today compared to February 3 to $157.35/mt CFR, while rising by $1.65/mt week on week. Brazilian iron ore with 65 percent Fe has risen by $6.6/mt today to $182/mt CFR, SteelOrbis has learned.
One deal of 90,000 mt of 60.5 percent of Jimblebar iron ore has been concluded on February 4 at the March index -$1.0/mt for shipment during March 6-15. Also, 70,000 mt of Pilbara lumps have changed hands at the March index with a fixed premium of $0.424/mt.
During the given week, iron ore prices have showed sharp fluctuations mainly due to changes in the futures market, while trading in the spot market has been moderate. On February 4, iron ore futures prices at Dalian Commodity Exchange (DCE) saw a rise of 5.26 percent, providing solid support for market sentiment. However, demand for steel has been sluggish ahead of the Chinese New Year holiday, which will weaken the support for import iron ore prices, though some steelmakers still need to build up stocks before the long holiday, which will bolster prices to some extent.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 5.26 percent today, coming to RMB 991/mt ($153.4/mt) compared to February 3, while rising by 0.56 percent compared to January 28.
On Thursday, February 4, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,246/mt ($657/mt), decreasing by RMB 29/mt ($4.5/mt) or 0.7 percent since January 28, while rising by 1.94 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,410 |
-52 |
218.2 |
-7.2 |
|
Yandi fines |
58 / 59 |
980 |
-40 |
151.7 |
-5.6 |
|
PB Fines |
62 |
1,058 |
-62 |
163.8 |
-9.0 |
|
PB iron ore lump |
62/63 |
1,460 |
-40 |
226.0 |
-5.3 |
|
Brazil fines |
63 |
1,094 |
-87 |
169.3 |
-12.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,149 |
-3 |
178 |
0 |
|
Beipiao |
1,046 |
-22 |
162 |
-3 |
Price includes VAT.
$1 = RMB 6.4605