Import iron ore prices in China have seen small increases today, Thursday, October 31, and also have posted a rise week on week, amid rather positive expectations for steel demand in China if fresh stimuli are announced next week.
Iron ore fines with 62 percent Fe content have indicated a rise of $0.7/mt on October 31 to $103.7/mt CFR. This level is $4.8/mt above that was seen on October 24. Brazilian iron ore with 65 percent Fe has risen by $0.75/mt compared to yesterday to $119.05/mt CFR, while up $5.15/mt week on week, SteelOrbis has learned.
Seven deals for a total of 81,000 iron ore have been transacted on the Corex platform on October 31.
The 12th Session of the Standing Committee of the 14th National People’s Congress (NPC) will be held during November 4-8, and at this event over RMB 10 trillion ($1.4 trillion) of extra debt are expected to be issued for the next few years “to revive the fragile economy”. According to market sources, RMB 6 trillion is expected to be raised over 2024-2026.
During the given week, import iron ore prices in the Chinese market have seen rises amid the support from macroeconomic measures and expectations. Also, there have been fewer arrivals of iron ore at ports, bolstering prices to a certain degree. At the same time, the production of molten iron has continued to increase, exerting a positive impact on the demand for iron ore. It is expected that import iron ore prices will likely edge up further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.38 percent today to RMB 781.5/mt ($110/mt) compared to the previous trading day, October 30, while increasing by RMB 26.5/mt ($3.7/mt) compared to October 24.
As of October 31, rebar futures at Shanghai Futures Exchange are standing at RMB 3,427/mt ($481/mt), increasing by RMB 97/mt ($13.6/mt) or 2.9 percent since October 24, while down 0.35 percent compared to the previous trading day, October 30.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
886 |
31 |
124.4 |
4.4 |
Yandi fines |
58 / 59 |
730 |
30 |
102.5 |
4.3 |
PB Fines |
62 |
770 |
30 |
108.1 |
4.3 |
PB iron ore lump |
62/63 |
889 |
29 |
124.8 |
4.1 |
Brazil fines |
63 |
776 |
29 |
108.9 |
4.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
876 |
19 |
123 |
3 |
Beipiao |
825 |
6 |
116 |
1 |
Price includes VAT.
$1 = RMB 7.125