During the week ending August 13, prices of imported iron ore in China have been characterized by diverse trends on RMB basis, though indicating declines on US dollar basis due to the devaluation of the Chinese currency, while transaction activity for imported iron ore has slackened compared to the previous week, though remaining at decent levels. At the same time, traders' offers of domestic production iron ore in Tangshan and Liaoning Province have been stable, while overall demand for domestic production iron ore has been sluggish.
At present, Indian fine ores of 63.5 percent grade are offered at $67.1/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $68.6/mt and prices of the same material are at $57.7/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, iron ore prices have slowed down their rising momentum. Steelmakers' inquiries and purchasing activities have remained at decent levels. Bullish sentiment prevails among market participants given the ongoing rebounds seen in prices of finished steel and iron ore futures. The massive explosions in Tianjin before midnight on August 12 will likely negatively impact the transportation of iron ore into Tianjin port. It is thought that iron ore prices in the Chinese market will likely see a slight rising trend in the coming week.
Domestic iron ore prices in local Chinese market
Product |
Spec. |
Place of Origin |
Market price excluding tax (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
Domestic iron ore concentrate |
damp base (iron content: 66%) |
Tangshan |
440 |
69 |
0 |
damp base (iron content: 66%) |
Beipiao |
370 |
58 |
0 |
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 | 540-560 | 84-87 | 0 |
| Brazil fines | 63,5 | Brazil | 420-440 | 65-69 | ↓10 | |
| Yandi fines | 58 / 59 | Australia | 380-400 | 59-62 | ↓10 | |
| PB Fines | 62 | Australia | 450-470 | 70-73 | 0 | |
| PB iron ore lump | 61.5 | Australia | 410-420 | 64-65 | 0 | |
| Indian fine ore | 63.5 | India | 410-430 | 64-67 | ↑10 | |
| Indian fine ore | 63 | India | 410-430 | 64-67 | 0 | |
| Indian fine ore | 62 | India | 390-410 | 61-64 | 0 | |
| Indian fine ore | 61 | India | 380-400 | 59-62 | 0 | |
| Indian fine ore | 59 | India | 360-380 | 56-59 | 0 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.42