Import iron ore prices in China have seen increases today, Thursday, August 1, and also over the past week, bottoming out after reaching $98.6/mt CFR early this week. Rises in steel and raw material futures prices as well as some better expectations for September and October have provided support.
Iron ore fines with 62 percent Fe content have seen an increase of $2.05/mt on August 1 to $102.15/mt CFR. This level is 2.8/mt above that seen on July 25. Brazilian iron ore with 65 percent Fe has risen by $1.6/mt on July 25 to $117.75/mt CFR, while up $2.1/mt week on week, SteelOrbis has learned.
34 deals for a total of 568,400 mt of iron ore have been reported at the Corex platform on August 1. In particular, one deal for 170,000 mt of 62 percent BRBF fines was signed at $103.4/mt CFR for shipment during September 7-16, and 90,000 mt of 60.5 percent Jimblebar blended fines were traded at the August index - $7.45/mt, for shipment during September 1-10.
During the given week, import iron ore prices in the Chinese domestic market have seen a rebounding trend. However, inventory of iron ore at ports has been at relatively high levels, exerting a negative impact on prices. Steelmakers have concluded purchases only as needed as they have been incurring losses. Lately, iron ore arriving at Chinese ports has decreased, which will likely bolster prices. It is thought that import iron ore prices may edge up in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 2.47 percent today to RMB 767/mt ($107.6/mt) compared to the previous trading day, July 31, while increasing by RMB 2.5/mt ($6.6/mt) compared to July 25.
As of August 1, rebar futures at Shanghai Futures Exchange are standing at RMB 3,355/mt ($470.5/mt), increasing by RMB 26/mt ($3.6/mt) or 0.78 percent since July 25, while up 1.08 percent compared to the previous trading day, July 31.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
952 |
12 |
133.5 |
1.7 |
Yandi fines |
58 / 59 |
689 |
10 |
96.6 |
1.4 |
PB Fines |
62 |
784 |
19 |
109.9 |
2.7 |
PB iron ore lump |
62/63 |
971 |
8 |
136.1 |
1.1 |
Brazil fines |
63 |
822 |
18 |
115.3 |
2.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
941 |
-3 |
132 |
0 |
Beipiao |
870 |
-6 |
122 |
-1 |
Price includes VAT.
$1 = RMB 7.1323