Import iron ore prices in China have seen increases today, Thursday, March 21, reaching the $110/mt CFR mark again, after hitting their lowest level at $100.45/mt CFR last Friday.
Iron ore fines with 62 percent Fe content have increased by $3.8/mt today to $110.35/mt CFR. This level is $6.15 /mt above that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated an increase of $3.55/mt on March 21 to $122.65/mt CFR, while up $5.75/mt week on week, SteelOrbis has learned.
Six deals for a total of 66,900 mt import iron ore have been concluded on March 21, including 3,900 mt of 61.5 percent fines at RMB 770/mt ($108.5/mt), for delivery at Rizhao port.
During the given week, import iron ore prices have indicated a rebounding trend amid increasing iron ore futures, better steel margins and expected further monetary support from the government. The iron and steel associations of Guangdong and Shandong provinces have urged steelmakers to halt production outputs, aiming to bolster steel prices, exerting a positive impact on market sentiments, even though it reduces demand for iron ore. Market players think steelmakers may resume production activities by the end of the month amid improving profitability.
Also, the deputy governor of the People’s Bank of China said on Thursday that there is still scope for China to lower its reserve requirement ratio (RRR) to support the economy and local demand.
It is expected that import iron ore prices in the Chinese domestic market will likely edge up in the coming week, though this will also depend on inventory consumption.
Iron ore futures prices at Dalian Commodity Exchange have risen by 2.72 percent today to RMB 849.5/mt ($119.6/mt) compared to the previous trading day, March 20, while increasing by RMB 51.5/mt ($7.3/mt) compared to March 14.
As of March 21, rebar futures at Shanghai Futures Exchange are standing at RMB 3,616/mt ($509/mt), increasing by RMB 110/mt ($15.5/mt) or 3.1 percent since March 14, while up 1.03 percent compared to the previous trading day, March 20.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
937 |
-25 |
132.1 |
-3.5 |
|
Yandi fines |
58 / 59 |
772 |
0 |
108.8 |
0.0 |
|
PB Fines |
62 |
813 |
-2 |
114.6 |
-0.2 |
|
PB iron ore lump |
62/63 |
967 |
-7 |
136.3 |
-0.9 |
|
Brazil fines |
63 |
833 |
-12 |
117.4 |
-1.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
875 |
21 |
123 |
3 |
|
Beipiao |
785 |
-51 |
111 |
-7 |
Price includes VAT.
$1 = RMB 7.0942