During the week ending July 23, prices of imported iron ore in China have mostly moved on a stable trend, while overall transaction activity for imported iron ore has been at decent levels. At the same time, traders' offers of domestic production iron ore in Tangshan and Liaoning Province have followed a sideways trend, while overall demand for domestic production iron ore has been sluggish.
At present, Indian fine ores of 63.5 percent grade are offered at $64.5/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $69.4/mt and prices of the same material are at $58.1/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the tables below.
During the given week, finished steel prices in the Chinese domestic market have been characterized by greater stability, which has provided support for iron ore prices. Steelmakers' iron ore purchase activities have improved to decent levels. However, in the absence of significant positive developments in the Chinese steel market, there is a lack of support for the upward movement of iron ore prices. It is expected that iron ore prices in the Chinese domestic market will continue their stable trend in the coming week.
Domestic iron ore prices in local Chinese market
Product | Spec. | Place of Origin | Market price excluding tax (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
Domestic iron ore concentrate | damp base (iron content: 66%) | Tangshan | 430 | 69 | 0 |
damp base (iron content: 66%) | Beipiao | 360 | 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 | 520-540 | 84-87 | 0 |
| Brazil fines | 63,5 | Brazil | 390-410 | 63-66 | ↑10 | |
| Yandi fines | 58 / 59 | Australia | 370-390 | 60-63 | ↑10 | |
| PB Fines | 62 | Australia | 430-450 | 69-72 | 0 | |
| PB iron ore lump | 61.5 | Australia | 380-390 | 61-63 | ↑10 | |
| Indian fine ore | 63.5 | India | 390-400 | 63-64 | 0 | |
| Indian fine ore | 63 | India | 380-400 | 61-64 | 0 | |
| Indian fine ore | 62 | India | 360-380 | 58-61 | 0 | |
| Indian fine ore | 61 | India | 350-370 | 56-60 | 0 | |
| Indian fine ore | 59 | India | 330-350 | 53-56 | 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 6.21