Import iron ore prices in China have indicated increases today, Thursday, June 13, after some gains yesterday also. However, on week-on-week basis, prices have decreased, reflecting weak conditions of subdued demand and a gloomy outlook.
Iron ore fines with 62 percent Fe content have seen a rise of $1.5/mt on June 13 to $105.95/mt CFR. This level is $2.4/mt below that seen on June 6. Brazilian iron ore with 65 percent Fe has increased by $1.35/mt on June 13 to $121/mt CFR, while down $3/mt week on week, SteelOrbis has learned.
41 deals for a total of 732,700 mt of iron ore have been done at the Corex platform on June 13, which signals that demand has improved compared to early this week as prices have been at a relatively low level. In particular, 90,000 mt of 61.7 percent Newman fines were traded at $103.6/mt, for delivery during July 6-15, and 80,000 mt of 61.7 percent Newman fines were traded at $103.5/mt, for delivery during July 11-20.
During the given week, import iron ore prices have been under continued pressure as China aims to reduce crude steel output during the rest of the current year and, even though there are no official restrictions, this has weakened sentiments in the iron ore market. Inventory of iron ore at ports has continued to increase, exerting a negative impact on prices. At the same time, the apparent consumption of steel has declined, signaling that demand for iron ore will continue to decrease up to the end of June at least. It is thought that import iron ore prices will continue their downtrend in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have risen by 0.93 percent today to RMB 817/mt ($115/mt) compared to the previous trading day, June 12, while decreasing by RMB 22.5/mt ($3.2/mt) compared to June 6.
As of June 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,621/mt ($509/mt), decreasing by RMB 44/mt ($6.2/mt) or 1.2 percent since June 6, while up 0.47 percent compared to the previous trading day, June 12.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
991 |
-19 |
139.3 |
-2.7 |
|
Yandi fines |
58/59 |
726 |
-31 |
102.1 |
-4.4 |
|
PB Fines |
62 |
801 |
-28 |
112.6 |
-4.0 |
|
PB iron ore lump |
62/63 |
996 |
-19 |
140.0 |
-2.7 |
|
Brazil fines |
63 |
821 |
-36 |
115.4 |
-5.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
913 |
-8 |
128 |
-1 |
|
Beipiao |
881 |
-6 |
124 |
-1 |
Price includes VAT.
$1 = RMB 7.1122