Published by:Norman Fong<>
17 Apr 2025 @ 11:15 UTC

Seaborne iron ore prices continued to decline on Thursday April 17 in line with weaker sentiment over steel and iron ore demand in the second half of April, despite the release of positive data for domestic steel demand in China. Inventory levels for finished steel products in the domestic Chinese market decreased by 760,000 tonnes in the trading week between April 14-17 compared to the previous week, according to a local information provider.
But trading showed signs of slowing ahead of the Good Friday holiday, when selling activity from Australia-based miners is expected to be suspended until the following week, sources told Fastmarkets.
Key drivers The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) was up marginally from the previous closing price of 708 yuan ($97) per tonne.
By 5:52 pm Singapore time, the most-traded May contract on the Singapore Exchange (SGX) had edged up by $0.39 per tonne compared to the previous settlement price of $98.19 per tonne.
The outlook for iron ore prices in both the seaborne and derivatives markets continued to remain soft following a brief rebound in prices since the second half of the previous week, according to a trader in Hong Kong.
The trader added that the uptick in iron ore shipments from Australia in the Chinese portside market since mid-April is expected to result in some downward pressure in traded prices.
Most iron ore participants are unwilling to take up large positions in terms of physical and forward contracts as there is little clarity in the market in terms of price direction, a trader in Singapore said.
Domestic steel demand has been regarded by most to be insufficient in supporting overall steel demand, as export demand remains fraught with uncertainty amid the trade war between the major trading blocs, the Singapore-based trader added.
Most steelmakers are making some profit on their finished steel products, with raw material prices remaining at current levels below $100 per tonne, according to a trader in Shanghai.
The trader added that hot-rolled coil producers have been able to earn about 100-250 yuan per tonne since the sharp increase in prices in first half April, whereas reinforcing bar (rebar) producers are earning about 50-150 yuan per tonne on average.
A Shanghai based analyst told Fastmarkets that some rebar producers were noted to have started adjusting their volumes toward billet production, citing stronger margins in both the domestic and export markets.
A 320,000-tonne cargo of mid-grade 62.10% Fe Standard Sinter Feed Carajas with a bill of lading dated April 8 was sold at the monthly average of Fastmarkets’ 62% Fe iron ore fines index CFR Qingdao with a discount of 3.17%, according to various market sources.
A second trader in Singapore told Fastmarkets that end-user demand for less conventional ore brands from Brazil have been quite strong in the past month, as reflected by stronger portside and seaborne prices.
The trader added that loading volumes from Brazil have been on a downward trend since the start of April, with some market participants citing inclement weather in slowing down transport and loading operations, particularly in the northern regions of Brazil.
Pellet feed and concentrates Pellet feed premiums continued to hold steady at $0.50 per tonne based on a 65% Fe index in line with limited liquidity seen in the seaborne market.
Coke prices in the domestic Chinese market are unlikely to see a sustained rally following the first upward adjustment in first half April, especially with mill margins remaining thin against steady supply from Mongolia, a trader in Beijing said.
Tighter coking coal supply in the seaborne market is not expected to result in a dramatic surge in prices in the Chinese domestic market in the short run, the trader added.
The absence of an upward rally in coke prices removes any likelihood for pellet demand to recover in the short term, and this is expected to weigh on pellet feed demand as pelletizers struggle to maintain profit margins.
Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $98.68 per tonne, down $0.23 per tonne 62% Fe low-alumina fines, cfr Qingdao: $98.24 per tonne, down $0.23 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $85.57 per tonne, down $0.05 per tonne 65% Fe Brazil-origin fines, cfr Qingdao: $111.61 per tonne, down $0.23 per tonne 62.5% Fe Australia-origin lump ore premium, cfr Qingdao: $0.1400 per dry metric tonne unit (dmtu), unchanged 62% Fe fines, fot Qingdao: 781 yuan per wet metric tonne (implied 62% Fe China Port Price: $98.63 per dry tonne), down by 3 yuan per wmt 67.5% Fe pellet feed premium, cfr Qingdao: $0.50 per tonne, unchanged 67.5% Fe pellet feed, cfr Qingdao: $116.11 per tonne, down $0.18 per tonne 65% Fe concentrate premium, cfr Qingdao: $(5.10) per tonne, unchanged 65% Fe concentrate, cfr Qingdao: $105.63 per tonne, down $0.18 per tonne
Trades/offers/bids heard in the market Vale, tender, 320,000 tonnes of 62.1% Standard Sinter Feed Carajas, traded at the monthly average of Fastmarkets’ 62% Fe index at the month of notice of readiness at the port of discharge with a discount of 3.17%, bill of lading dated April 8
Fortescue, tender, 190,000 tonnes of 58.2% Fe Fortescue Blend fines, traded at the May average of a 62% Fe index with a discount of 9.94%, laycan May 11-20
GlobalORE, joint cargo, 110,000 tonnes of 62% Fe Jimblebar fines, offered at the May average of two 62% Fe indices with a discount of $6 per tonne; and 80,000 tonnes of 62% Fe Mining Area C fines, offered at the May average of two 62% Fe indices with a discount of $2.80 per tonne, laycan May 6-15
Market participants’ indications Fastmarkets’ index for iron ore 62% Fe fines CFR Qingdao Pilbara Blend fines: $98.00-99.05 per tonne Brazilian Blend fines: $97.50-98.50 per tonne Newman fines: $95.10-95.90 per tonne Mac fines: $94.40-95.40 per tonne Jimblebar fines: $91.30-91.90 per tonne
Fastmarkets’ index for iron ore 67.5% Fe Pellet Feed Premium, CFR Qingdao Minas Rio BFPF Pellet Feed: $(3.50)-(5.00) per tonne Atacama CNN Pellet Feed: $(2.00)-(3.00) per tonne Romeral Pellet Feed: $(2.00)-(2.50) per tonne Shougang Hierro Peru 70: $0.50-0.60 per tonne Kaunis Pellet Feed: $0.00-1.00 per tonne Metinvest 68% Pellet Feed: $(2.30)-(3.00) per tonne
Fastmarkets’ index for iron ore 65% Fe Concentrate Premium, CFR Qingdao Citic Pacific Concentrate: $(4.00)-(4.50) per tonne Karara Concentrate: $(6.89) per tonne Metinvest SevGok Concentrate: $(4.20)-(4.65) per tonne
Port prices Pilbara Blend fines were traded at 762-783 yuan per wmt in Shandong province and the ports of Tangshan city on Thursday, compared with 762-770 yuan per wmt on Wednesday.
The latest range is equivalent to about $96-99 per tonne in the seaborne market.
Dalian Commodity Exchange The most-traded September iron ore futures contract on the exchange closed at 707 yuan per tonne on Thursday, up by 1 yuan per tonne from the previous closing price.
Fastmarkets’ daily iron ore indices will not be published on Friday April 18 because it is a public holiday in Singapore. The indices will next be published on Monday April 21.