The price of the Brazilian high-grade iron ore, 65 percent iron contents, is $120/mt today, against $119/mt on October 28, CFR China. Regardless of the small increase, it is now the highest price since September 30, 2024.
According to analysts, the increase reflects “moderate enthusiasm” among market players, with fresh iron ore acquisitions limited to the immediate requirements of the steel producers, among expectations for more announcements by China’s Standing Committee of the National People’s Congress to take place until November 8.
The export price of blast furnace grade pellets is $137/mt, up from $135/mt previously, CFR China, reflecting the same premium ascribed to the product in relation to the equivalent sinter feed fines.
The premium of the Brazilian high-grade ore, in relation to the Australian 62 percent iron ore, when considering their iron units, is 9.8 percent against 9.4 percent previously, reflecting increased interest, at such price level, by the integrated steel producers for the higher productivity and lower emissions of the premium ores when processed in blast furnaces.
In the Brazilian domestic market, the reference prices are $96/mt for the iron ore and $113/mt for the pellets against respectively $93/mt and $110/mt previously, ex-works, no taxes included. Such prices were positively affected by lower Brazil-China freight rates, as the domestic prices are based on FOB prices, having CFR China as the reference.