Import iron ore prices in China have seen increases today, Thursday, February 8, amid the rise by 2.39 percent in futures prices on the same day with cautious optimism prevailing for the post-holiday period. However, iron ore spot prices have indicated decreases from last week, fluctuating below $130/mt CFR, mainly because of the rapid slowdown in demand.
Iron ore fines with 62 percent Fe content have increased by $2.1/mt today to $127.6/mt CFR. This level is $5.45/mt below that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $2.3/mt on February 8 to $140.5/mt CFR, while down $4.8/mt week on week, SteelOrbis has learned.
One deal for 20,000 mt of import iron ore has been concluded on February 8 at Corex, with trading activity already almost halted.
During the given week, import iron ore prices in the Chinese market have fluctuated at a lower level as the Chinese New Year holiday (February 9-16) is about to begin. Steelmakers have concluded more purchases of iron ore for delivery at relatively later dates. More blast furnaces have implemented maintenance works, weakening demand for import iron ore. Market players have completed replenishment ahead of the long holiday. It is thought that import iron ore prices will move sideways next week and will rebound above $130/mt CFR just after the market resumes its work.
Iron ore futures prices at Dalian Commodity Exchange have risen by 2.39 percent, standing at RMB 963.5/mt ($135.7/mt) compared to the previous trading day (February 7), while decreasing by RMB 4.5/mt ($0.6/mt) compared to February 1.
As of Thursday, February 8, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,854/mt ($543/mt), decreasing by RMB 14/mt ($2/mt) or 0.36 percent since February 1, while increasing by 0.71 percent compared to the previous trading day (February 7).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,131 |
6 |
159.2 |
0.8 |
|
Yandi fines |
58 / 59 |
937 |
-3 |
131.9 |
-0.4 |
|
PB Fines |
62 |
997 |
-3 |
140.3 |
-0.4 |
|
PB iron ore lump |
62/63 |
1,135 |
6 |
159.7 |
0.8 |
|
Brazil fines |
63 |
1,027 |
-7 |
144.5 |
-1.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,079 |
-4 |
152 |
-1 |
|
Beipiao |
977 |
-17 |
137 |
-2 |
Price includes VAT.
$1 = RMB 7.1069