Import iron ore prices in China have indicated rises today, Thursday, July 11, but market sources are not sure if the sentiment has changed, given the weak outlook for the steel market and that the decline has continued week on week.
Iron ore fines with 62 percent Fe content have seen a rise of $2.1/mt on July 11 to $107.4/mt CFR. This level is $6.35/mt below that seen on July 4. Brazilian iron ore with 65 percent Fe has increased by $3.05/mt on July 11 to $124.4/mt CFR, while down $5.25/mt week on week, SteelOrbis has learned.
21 deals for a total of 382,700 mt of iron ore were done at the Corex platform on July 11. In particular, one deal for 170,000 mt of 65 percent Carajas fines has been signed at $124.4/mt CFR for delivery during July 2-11.
During the given week, import iron ore prices have moved down amid the slack demand from downstream users. Meanwhile, the shipments of iron ore in the global market have increased sharply, exerting a negative impact on prices. More blast furnaces in China have been in maintenance in the given week, resulting in decreasing outputs of molten iron, shrinking demand for iron ore. The hot temperatures will continue to negatively affect construction activities and weaken the demand for steel, while also slackening the demand for iron ore. It is thought that import iron ore prices in the Chinese market will likely edge down further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.79 percent today to RMB 828/mt ($116/mt) compared to the previous trading day, July 10, while decreasing by RMB 36.5/mt ($5.1/mt) compared to July 4.
As of July 11, rebar futures at Shanghai Futures Exchange are standing at RMB 3,514/mt ($493/mt), decreasing by RMB 102/mt ($14.3/mt) or 2.8 percent since July 4, while up 0.63 percent compared to the previous trading day, July 10.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
998 |
-28 |
139.9 |
-4.0 |
Yandi fines |
58 / 59 |
731 |
-22 |
102.5 |
-3.1 |
PB Fines |
62 |
815 |
-36 |
114.2 |
-5.1 |
PB iron ore lump |
62/63 |
1002 |
-33 |
140.5 |
-4.7 |
Brazil fines |
63 |
854 |
-26 |
119.7 |
-3.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
953 |
0 |
134 |
0 |
Beipiao |
881 |
22 |
123 |
3 |
Price includes VAT.
$1 = RMB 7.1339