Import iron ore prices in China have seen decreases today, Thursday, November 14, falling below the $100/mt CFR mark again, and since the mood is still bearish in the steel market, iron ore may continue to move down gradually in the near future.
Iron ore fines with 62 percent Fe content have indicated a drop of $2.4/mt on November 14 to $98.7/mt CFR. This level is $7.15/mt below that seen on November 7. Brazilian iron ore with 65 percent Fe has decreased by $2.55/mt on November 7 to $114.05/mt CFR, while down $7.55/mt week on week, SteelOrbis has learned.
15 deals for a total of 126,700 mt of iron ore have been done at the Corex platform on November 14.
During the given week, import iron ore prices in the Chinese market have moved down amid the slack demand from steelmakers and the negative mood in the steel market. In the given period, shipments of iron ore in the global market have decreased, while the iron ore volume arriving at Chinese ports has also declined. But, currently, the inventory of iron ore is at a relatively high level compared to the same period in the previous three years, and may increase in the coming weeks. Also, the depreciation of the Chinese currency is making imports of raw materials more difficult and is impacting prices. It is thought that import iron ore prices in the Chinese domestic market will edge down further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 1.37 percent today to RMB 756/mt ($105/mt) compared to the previous trading day, November 13, while decreasing by RMB 43.5/mt ($6.0/mt) compared to November 7.
As of November 14, rebar futures at Shanghai Futures Exchange are standing at RMB 3,313/mt ($460/mt), decreasing by RMB 123/mt ($17/mt) or 3.6 percent since November 7, while down 0.93 percent compared to the previous trading day, November 13.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
866 |
-22 |
120.3 |
-3.6 |
Yandi fines |
58/59 |
718 |
-15 |
99.8 |
-2.5 |
PB Fines |
62 |
758 |
-17 |
105.3 |
-2.8 |
PB iron ore lump |
62/63 |
868 |
-22 |
120.6 |
-3.6 |
Brazil fines |
63 |
765 |
-15 |
106.3 |
-2.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
867 |
-3 |
120 |
-1 |
Beipiao |
814 |
0 |
113 |
0 |
Price includes VAT.
$1 = RMB 7.1966