Iron ore prices up sharply amid higher futures, trading not much improved

Import iron ore prices in China have moved up sharply today, Thursday, March 3, while also rising compared to the previous week. The recent increase has been attributed mainly to the big rises in futures prices for both raw materials and steel, while overall spot trading has remained slack.

Iron ore fines with 62 percent Fe content have edged up by $7.6/mt today to $151.6/mt CFR. This level is $15.4/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has moved up by $7.2/mt on March 3 to $176.9/mt CFR, up $14.5/mt week on week, SteelOrbis has learned.

On March 3, three deals for 21,700 mt of iron ore have been concluded at Chinese ports, including 9,300 mt of 56.67 percent FMG super special fines at RMB 645/mt ($102.4/mt), for delivery at Tianjin port. No deals have been done yet at trading platforms for cargoes not from ports.

During the given period, import iron ore prices have moved up amid decreasing volumes arriving at ports. Russia’s invasion of Ukraine has pushed up commodity prices in the global market, bolstering import iron ore prices. At the same time, more blast furnaces resumed production, which may push up demand for iron ore and exert a positive impact on prices in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have moved up significantly by 6.83 percent today to RMB 797.5/mt ($126.6/mt), while increasing by 13.4 percent compared to February 24.

As of Thursday, March 3, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,880/mt ($774.6/mt), rising by RMB 243/mt ($38.6/mt) or 5.24 percent since February 24, while increasing by 0.62 percent compared to the previous trading day (March 2).

Imported iron ore prices in China (week-on-week basis)

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 6.3016