Import iron ore prices in China have seen increases today, Thursday, September 26, as the market mood has improved since demand in the short term is expected to be better and a number of monetary policy stimulus measures have been announced.
Iron ore fines with 62 percent Fe content have indicated a rise of $2/mt on September 26 to $97.9/mt CFR. This level is $5.6/mt above that seen on September 19. Brazilian iron ore with 65 percent Fe has increased by $1.8/mt on September 26 to $111.3/mt CFR, while up $6.25/mt week on week, SteelOrbis has learned.
25 deals of for a total of 675,900 mt of iron ore have been signed at the Corex platform on September 26. In particular, 190,000 mt of 58 percent MB fines have been traded at $82.5/mt CFR for shipment during October 13-22.
Import iron ore prices edged down first, while moving up later in the past week amid the big rises seen in iron ore futures prices, following the People’s Bank of China’s announcement of the cutting of the reserve requirement ratio (RRR) for Chinese banks by 0.5 percentage points in the near future. Market sentiments have been bolstered strongly, exerting a positive impact on iron ore prices. At the same time, steelmakers will build up stocks as the National Day Holiday (October 1-7) is approaching. Moreover, iron ore supplies arriving in the market have decreased, also bolstering prices from the supply side. It is thought that import iron ore prices in the Chinese domestic market will move up in the coming period.
Iron ore futures prices at Dalian Commodity Exchange have increased by 1.75 percent today to RMB 728/mt ($103.5/mt) compared to the previous trading day, September 25, while increasing by RMB 35/mt ($5/mt) compared to September 19.
As of September 26, rebar futures at Shanghai Futures Exchange are standing at RMB 3,281/mt ($466/mt), increasing by RMB 75/mt ($10.7/mt) or 2.3 percent since September 19, while up 1.05 percent compared to the previous trading day, September 25.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
830 |
25 |
118.0 |
4.6 |
Yandi fines |
58 / 59 |
683 |
71 |
97.1 |
10.9 |
PB Fines |
62 |
708 |
33 |
100.6 |
5.5 |
PB iron ore lump |
62/63 |
831 |
31 |
118.1 |
5.4 |
Brazil fines |
63 |
716 |
33 |
101.8 |
5.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
844 |
0 |
120 |
1 |
Beipiao |
774 |
-11 |
110 |
-1 |
Price includes VAT.
$1 = RMB 7.0354