Import iron ore prices in China have indicated rises today, Thursday, March 7, while iron ore futures prices have risen by 1.83 percent on the same day. With the declining inventories at steel mills, expectations for iron ore demand have improved slightly, supporting prices.
Iron ore fines with 62 percent Fe content have increased by $1.15/mt today to $118.45/mt CFR. This level is $1.05/mt above that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $0.9/mt on March 7 to $130.65/mt CFR, while up $0.65/mt week on week, SteelOrbis has learned.
Seven deals for a total of 139,400 mt of import iron ore have been concluded on March 7 at the Corex platform, including 90,000 mt of 62.3 percent Newman fines, transacted at $118.25/mt CFR for April 9-18 laycan.
During the given week, import iron ore prices moved down first as infrastructure construction slowed down in the Chinese domestic market, while they indicated rises later because the inventory levels on the steelmakers’ side saw significant declines. Lately, steelmakers’ profitability has improved amid the declines in raw material prices. In the near future, steelmakers will likely build up stocks of iron ore, which will exert a positive impact on ore prices.
Also, China's iron ore imports increased by 8.1 percent year on year in the January-February period of 2024 reaching 209.45 million mt, according to Chinese customs.
It is expected that import iron ore prices in the Chinese market will continue to fluctuate within a limited range in the coming week with a small increase still possible.
Iron ore futures prices at Dalian Commodity Exchange have risen by 1.83 percent today to RMB 890/mt ($125.4/mt) compared to the previous trading day, March 6, while decreasing by RMB 2/mt ($0.28/mt) compared to February 29.
As of March 7, rebar futures at Shanghai Futures Exchange are standing at RMB 3,705/mt ($541.4/mt), decreasing by RMB 83/mt ($11.7/mt) or 2.2 percent since February 29, while up 0.03 percent compared to the previous trading day, March 6.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,038 |
-9 |
146.2 |
-1.2 |
|
Yandi fines |
58 / 59 |
852 |
-12 |
120.0 |
-1.6 |
|
PB Fines |
62 |
895 |
-11 |
126.1 |
-1.5 |
|
PB iron ore lump |
62/63 |
1,042 |
-9 |
146.8 |
-1.2 |
|
Brazil fines |
63 |
925 |
-11 |
130.3 |
-1.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
973 |
-47 |
137 |
-7 |
|
Beipiao |
921 |
-51 |
130 |
-7 |
Price includes VAT.
$1 = RMB 7.1001