Import iron ore prices in China have indicated decreases today, Thursday, June 20, while iron ore futures and spot prices edged up slightly compared to June 13, signaling that in general sentiments have not improved, but some declines in inventories have prevented prices from any sharp drops. Outlook has remained bearish on more talks about steel production cuts.
Iron ore fines with 62 percent Fe content have seen a drop of $0.95/mt on June 20 to $106.25/mt CFR. This level is 0.3/mt above that seen on June 13. Brazilian iron ore with 65 percent Fe has decreased by $0.8/mt on June 20 to $121.5/mt CFR, while up $0.5/mt week on week, SteelOrbis has learned.
Fourteen deals of 394,000 mt of iron ore have been done at Corex platform on June 20. In particular, three respective deals of 90,000 mt of 62.2 percent Newman blended lump have been done at July index 62 percent +$0.2075/mt, July index +$0.22/mt, and at July index +$0.22/mt, all for shipments during July 16-25.
During the given week, import iron ore prices have posted minimal changes. However, in some regions, steelmakers implemented maintenances amid the slackening demand from downstream users, which may exert a negative impact on iron ore prices in the near future. There have been official meetings in Fujian province in the south for steel production control this week.
Inventory of iron ore at ports declined, which provided certain support to its prices and prevented further drops. It is thought that import iron ore prices in the Chinese domestic market will likely fluctuate within a limited range with negative bias in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.36 percent today to RMB 824.5/mt ($115.8/mt) compared to the previous trading day, June 19, while increasing by RMB 7.5/mt ($1.05/mt) compared to June 13.
As of June 20, rebar futures at Shanghai Futures Exchange are standing at RMB 3,597/mt ($505/mt), decreasing by RMB 24/mt ($3.4/mt) or 0.66 percent since June 13, while down 0.85 percent compared to the previous trading day, June 19.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
1,011 |
20 |
142.0 |
2.7 |
Yandi fines |
58 / 59 |
738 |
12 |
103.7 |
1.6 |
PB Fines |
62 |
824 |
23 |
115.7 |
3.1 |
PB iron ore lump |
62/63 |
1,019 |
23 |
143.1 |
3.1 |
Brazil fines |
63 |
849 |
28 |
119.3 |
3.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
919 |
6 |
129 |
1 |
Beipiao |
876 |
-5 |
123 |
-1 |
Price includes VAT.
$1 = RMB 7.1192