Import iron ore spot prices in China have come close to $100/mt CFR again this week, even though today, March 28, there has been a tiny increase. Iron ore futures prices decreased by 0.85 percent on the same day, meaning that demand concerns persist and that the iron ore market is lacking support.
Iron ore fines with 62 percent Fe content have increased by $0.2/mt today to $101.2/mt CFR. This level is $9.15 /mt below that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated an increase of $0.2/mt as well on March 28 to $113.4/mt CFR, while down $9.25/mt week on week, SteelOrbis has learned.
Four deals for a total of 35,000 mt of iron ore have been transacted on March 28 at the Corex platform, reflecting the very slow demand.
During the given week, import iron ore prices have moved down sharply amid the increasing volume of iron ore arriving at ports. Meanwhile, inventory of imported iron ore stands at relatively high levels, exerting a negative impact on prices. Moreover, demand for finished steel is slack, dragging down steel prices, which negatively affects the demand for iron ore. “Raw materials are still falling with poor demand from mills, and with coke under pressure as well. The market is still falling even with some positive signals of debar demand [in the past two days] and steel output is down by three percent, not enough to support steel, but it impacts iron ore,” a source said. It is thought that import iron ore prices may edge down further, though within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.85 percent today to RMB 758/mt ($107/mt) compared to the previous trading day, March 27, while decreasing by RMB 55.5/mt ($7.8/mt) compared to March 21.
As of March 28, rebar futures at Shanghai Futures Exchange are standing at RMB 3,481/mt ($490/mt), decreasing by RMB 135/mt ($19/mt) or 3.7 percent since March 21, while down 0.6 percent compared to the previous trading day, March 27.
Imported iron ore prices in China (week-on-week basis
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
913 |
-24 |
128.7 |
-3.4 |
|
Yandi fines |
58 / 59 |
745 |
-27 |
105.0 |
-3.8 |
|
PB Fines |
62 |
783 |
-30 |
110.4 |
-4.2 |
|
PB iron ore lump |
62/63 |
939 |
-28 |
132.3 |
-4.0 |
|
Brazil fines |
63 |
803 |
-30 |
113.2 |
-4.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
853 |
-22 |
120 |
-3 |
|
Beipiao |
802 |
17 |
113 |
2 |
Price includes VAT.
$1 = RMB 7.0948