Import iron ore prices in China have seen declines today, Thursday, June 27 after the rebound seen over the past few days. Overall sentiment is still weak and market sources believe iron ore prices will keep sliding gradually.
Iron ore fines with 62 percent Fe content have seen a drop of $1.05/mt on June 27 to $105.1/mt CFR. This level is 1.15/mt below that seen on June 20. Brazilian iron ore with 65 percent Fe has decreased by $1.3/mt June 27 to $120.8/mt CFR, while down $0.7/mt week on week, SteelOrbis has learned.
34 deals for a total of 501,500 mt of iron ore have been done at the Corex platform on June 27. In particular, one deal for 20,000 mt of 61.5 percent Fe fines have been done at RMB 828/mt ($116.2/mt), for delivery at Caofeidian port.
During the given week, import iron ore prices have edged down amid the downtrend in finished steel prices and seasonally weak fundamentals. High temperatures and heavy rainfall have exerted a negative impact on the Chinese steel market, slackening the demand for iron ore. Following the decreases in iron ore prices on June 24, some traders and steelmakers have been more willing to buy iron ore, resulting in a bottoming-up of prices in the rest of the given week. However, deliveries of iron ore in the global market may increase, while molten iron output is anticipated to decrease. It is expected that import iron ore prices in the Chinese market will edge down in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 1.24 percent today to RMB 819/mt ($115/mt) compared to the previous trading day, June 26, while decreasing by RMB 5.5/mt ($0.8/mt) compared to June 20.
As of June 27, rebar futures at Shanghai Futures Exchange are standing at RMB 3,535/mt ($496/mt), decreasing by RMB 62/mt ($8.7/mt) or 1.7 percent since June 20, while down 0.23 percent compared to the previous trading day, June 26.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,004 |
-7 |
140.9 |
-1.1 |
|
Yandi fines |
58 / 59 |
727 |
-11 |
102.0 |
-1.7 |
|
PB Fines |
62 |
819 |
-5 |
114.9 |
-0.8 |
|
PB iron ore lump |
62/63 |
1,014 |
-5 |
142.3 |
-0.9 |
|
Brazil fines |
63 |
847 |
-2 |
118.8 |
-0.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
923 |
4 |
130 |
0 |
|
Beipiao |
870 |
-6 |
122 |
-1 |
Price includes VAT.
$1 = RMB 7.127