Chinese origin iron ore prices decrease further
2023-04-24 08:23:20 [Print]
BEIJING (Asian Metal) 24 Apr 23 - Discouraged by the price decrease of imported iron ore at ports and the downward price trend in international market, Chinese origin iron ore suppliers further reduced their prices this week. The mainstream prices of iron ore fines 64%min stand at RMB1,031-1,041/dt (USD150-151/dt) Inc-VAT EXW D/A 180 days in Laiwu at present, and those of iron ore fines 66%min hover at RMB998-1,008/dt (USD145-146/dt) Ex-VAT EXW D/A 180 days in Handan, down by RMB12/dt (USD1.74/dt) and RMB11/dt (USD1.60/dt) respectively compared with those of last week. Insiders predict that Chinese origin iron ore prices to decrease by another RMB20/dt (USD3/dt) in the coming week because of soft demand from steel mills.
An iron ore producer in Shandong disclosed to Asian Metal that the price of iron ore fines 64%min hovers at RMB1,041/dt (USD151/dt) Inc-VAT EXW D/A 180 days in Laiwu without any discounts now, down by RMB12/dt (USD1.74/dt) from last week. "As prices of Australian iron ore fines 62%min in Qingdao port went down by RMB24/t (USD3/t) last week to RMB860/t (USD125/t), we decreased the price by RMB12/dt (USD1.74/dt) this week," said the source, who just sold about 4,000t yesterday at RMB1,041/dt (USD151/dt) and last sold around 4,000t last Friday at RMB1,053/dt (USD153/dt). The producer intends to further cut the price and predicts that Chinese origin iron ore prices would decrease by another RMB20/dt (USD3/dt) in the coming week on weak demand from steel mills.
With an annual production capacity of about 2.5 million tonnes, the company produced about 120,000t in March and anticipates a stable production this month. Having zero stock in hand now, in line with last month, they produced around 340,000t in Q1 of 2023 and about 1.3 million tonnes last year.
Another iron ore producer in Hebei quotes RMB1,008/dt (USD146/dt) Ex-VAT EXW D/A 180 days in Handan for iron ore fines 66%min with no concessions at present, down by RMB11/dt (USD1.60/dt) from last week. "We reduced the price by RMB11/dt (USD1.60/dt) this week dragged by the price decrease of imported iron ore at ports and the downward price trend in international market last week," explained the source, adding that he just sold about 4,000t yesterday at RMB1,008/dt (USD146/dt) and last sold around 4,000t last Friday at RMB1,019/dt (USD148/dt). The producer plans to further decrease the price and predicts that Chinese origin iron ore prices would drop by another RMB20/dt (USD3/dt) in the coming week due to soft demand from steel mills.
With an annual production capacity of around two million tonnes, the company produced about 110,000t last month and expects a stable output in April. Having no spot materials in hand now, unchanged from last month, they produced around 180,000t in Q1 of this year and about 850,000t in 2022.
An iron ore producer in Shandong disclosed to Asian Metal that the price of iron ore fines 64%min hovers at RMB1,041/dt (USD151/dt) Inc-VAT EXW D/A 180 days in Laiwu without any discounts now, down by RMB12/dt (USD1.74/dt) from last week. "As prices of Australian iron ore fines 62%min in Qingdao port went down by RMB24/t (USD3/t) last week to RMB860/t (USD125/t), we decreased the price by RMB12/dt (USD1.74/dt) this week," said the source, who just sold about 4,000t yesterday at RMB1,041/dt (USD151/dt) and last sold around 4,000t last Friday at RMB1,053/dt (USD153/dt). The producer intends to further cut the price and predicts that Chinese origin iron ore prices would decrease by another RMB20/dt (USD3/dt) in the coming week on weak demand from steel mills.
With an annual production capacity of about 2.5 million tonnes, the company produced about 120,000t in March and anticipates a stable production this month. Having zero stock in hand now, in line with last month, they produced around 340,000t in Q1 of 2023 and about 1.3 million tonnes last year.
Another iron ore producer in Hebei quotes RMB1,008/dt (USD146/dt) Ex-VAT EXW D/A 180 days in Handan for iron ore fines 66%min with no concessions at present, down by RMB11/dt (USD1.60/dt) from last week. "We reduced the price by RMB11/dt (USD1.60/dt) this week dragged by the price decrease of imported iron ore at ports and the downward price trend in international market last week," explained the source, adding that he just sold about 4,000t yesterday at RMB1,008/dt (USD146/dt) and last sold around 4,000t last Friday at RMB1,019/dt (USD148/dt). The producer plans to further decrease the price and predicts that Chinese origin iron ore prices would drop by another RMB20/dt (USD3/dt) in the coming week due to soft demand from steel mills.
With an annual production capacity of around two million tonnes, the company produced about 110,000t last month and expects a stable output in April. Having no spot materials in hand now, unchanged from last month, they produced around 180,000t in Q1 of this year and about 850,000t in 2022.
