Import iron ore prices in China have indicated decreases today, Thursday, May 23, amid a more cautious mood after five days of increases. The benchmark iron ore price has broken through the $120/mt CFR mark this week amid better demand and rising futures prices.
Iron ore fines with 62 percent Fe content have seen a decline of $1.6/mt on May 23 to $120.35/mt CFR. This level is $3.9/mt above that seen on May 16. Brazilian iron ore with 65 percent Fe content has decreased by $1.8/mt on May 23 to $135.3/mt CFR, while up $3/mt week on week, SteelOrbis has learned.
20 deals for a total of 659,700 mt of iron ore have been reported at Corex on May 23. In particular, two deals for 170,000 mt each of 61 percent Fe PB fines have been closed at $118.6/mt CFR for shipment during June 27-July 6 and at $118.5/mt CFR for shipment during June 26-July 5. Also, 44,000 mt of 61.69 percent Fe fines have been sold at RMB 840/mt ($118/mt), for delivery at Lanshan port, and 20,000 mt of 61.75 percent Fe PB fines have changed hands at RMB 924/mt ($130/mt), for delivery at Caofeidian port.
During the given week, import iron ore prices have moved up amid stronger demand and lower supply. Import iron ore shipments as well as arrivals at ports both fell this week, bolstering prices. China’s issuance of stimulus policies for the real estate sector has positively affected market sentiments, while some steelmakers have increased their production capacity utilization rates, which has exerted a positive impact on the demand for iron ore. Shipments of imported iron ore are anticipated to decline amid maintenance wors at Australian ports, which will provide some support for prices. It is thought that import iron ore prices in the Chinese market will edge up further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 1.09 percent today to RMB 906.5/mt ($127.5/mt) compared to the previous trading day, May 22, while increasing by RMB 25.5/mt ($3.6/mt) compared to May 16.
As of May 23, rebar futures at Shanghai Futures Exchange are standing at RMB 3,775/mt ($531/mt), increasing by RMB 72/mt ($10/mt) or 1.9 percent since May 16, while down 0.29 percent compared to the previous trading day, May 22.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
|
Newman iron ore lump |
63/63.5 |
1,040 |
+41 |
146.3 |
+5.6 |
|
Yandi fines |
58/59 |
835 |
+15 |
117.4 |
+2.0 |
|
PB Fines |
62 |
896 |
+23 |
126.0 |
+3.1 |
|
PB iron ore lump |
62/63 |
1,043 |
+38 |
146.7 |
+5.2 |
|
Brazil fines |
63 |
927 |
+27 |
130.4 |
+3.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
|
Tangshan |
966 |
+16 |
136 |
+2 |
|
Beipiao |
919 |
+3 |
129 |
0 |
Price includes VAT.
$1 = RMB 7.1098