Import iron ore prices in China have seen some increase today, Thursday, October 24, while in general they are still under pressure as demand is still not as good as it could be, and so the tradable level fluctuates at below $100/mt CFR.
Iron ore fines with 62 percent Fe content have indicated a rise of $0.75/mt on October 24 to $98.9/mt CFR. This level is just slightly down by $0.75/mt from October 17. Brazilian iron ore with 65 percent Fe has risen by $0.55/mt on October 24 to $113.9/mt CFR, while down by $1.3/mt week on week, SteelOrbis has learned.
25 deals for a total of 291,100 mt of iron ore have been done at the Corex platform on October 24. In particular, 90,000 mt of 60.6 percent Fe fines have been sold at $93.4/mt CFR, for shipment during November 16-25.
During the given week, import iron ore prices in the Chinese market have been under pressure from decreasing finished steel prices. Bearish sentiments have prevailed among market players, exerting a negative impact on iron ore prices. The iron ore supplies arriving at ports have increased, resulting in the rising inventory levels and weakening the support for prices. As for the coming week, the deliveries of iron ore in the global market will decrease, which will likely bolster prices to a certain degree. It is thought that import iron ore prices in the Chinese market will be stable or will edge up slightly in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.26 percent today to RMB 755/mt ($106/mt) compared to the previous trading day, October 23, while increasing by RMB 9/mt ($1.3/mt) compared to October 17.
As of October 24, rebar futures at Shanghai Futures Exchange are standing at RMB 3,330/mt ($467/mt), increasing by RMB 30/mt ($4.2/mt) or 0.9 percent since October 17, while down 0.12 percent compared to the previous trading day, October 23.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
855 |
-41 |
119.9 |
-5.9 |
Yandi fines |
58/59 |
700 |
-40 |
98.2 |
-5.7 |
PB Fines |
62 |
740 |
-40 |
103.8 |
-5.7 |
PB iron ore lump |
62/63 |
860 |
-41 |
120.6 |
-5.9 |
Brazil fines |
63 |
747 |
-38 |
104.8 |
-5.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
896 |
-39 |
120 |
-6 |
Beipiao |
842 |
-23 |
115 |
-3 |
Price includes VAT.
$1 = RMB 7.1286