During the week ending March 10, prices of import iron ore in China have continued their rising trend, while transaction activity for import iron ore has been at decent levels. At the same time, traders’ offers of domestic production iron ore in Tangshan have also moved on a rising trend, while prices in Liaoning Province have followed a stable trend, with transaction activity at decent levels.
At present, Indian fine ores of 63.5 percent grade are offered at $72.2/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $63/mt and prices of the same material are at $46.1/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, finished steel prices have indicated sharp rises in the Chinese domestic market, and so miners and iron ore traders have pushed up their iron ore prices sharply. At the same time, amid this rising trend, steelmakers have stepped up their purchases of iron ore as they think that prices might rise even further, and this has provided further support for iron ore prices. However, as demand for finished steel is still characterized by some slackness, it is thought that iron ore prices in the Chinese market will either move sideways or indicate slight corrections in the coming week.
Domestic iron ore prices in local Chinese market
| Product | Spec. | Place of Origin | Market price excluding tax (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| Domestic iron ore concentrate | damp base (iron content: 66%) | Tangshan | 410 | 63 | ↑40 |
| damp base (iron content: 66%) | Beipiao | 300 | 47 | - |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
Imported iron ore prices in local Chinese market
| Product Name | Name of Port | Iron Content % | Place of origin | Truck loaded price (RMB/mt) | Price($/mt) | Weekly Change (RMB/mt) |
| PB iron ore lump | Qingdao | 63/63.5 | Australia | 565-580 | 87-90 | ↑120 |
| Brazil fines | 63,5 | Brazil | 465-475 | 72-73 | ↑100 | |
| Yandi fines | 58 / 59 | Australia | 425-435 | 66-67 | ↑100 | |
| PB Fines | 62 | Australia | 555-565 | 86-87 | ↑120 | |
| PB iron ore lump | 61.5 | Australia | 465-475 | 72-73 | ↑100 | |
| Indian fine ore | 63.5 | India | 465-475 | 72-73 | ↑100 | |
| Indian fine ore | 63 | India | 455-465 | 70-72 | ↑90 | |
| Indian fine ore | 62 | India | 445-455 | 69-70 | ↑90 | |
| Indian fine ore | 61 | India | 425-435 | 66-67 | ↑90 | |
| Indian fine ore | 59 | India | 395-405 | 61-63 | ↑90 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.50