Published by:Shu Yi Zheng<>
9 Apr 2025 @ 11:54 UTC

Seaborne iron ore prices fell for the sixth consecutive day on Wednesday April 9, with growing trade tensions between United States and China having a negative impact on market sentiment, sources told Fastmarkets.

Key drivers The most-traded September iron ore futures contract on the Dalian Commodity Exchange (DCE) dipped on Wednesday from Tuesday’s closing price of 693 yuan ($95) per tonne.
And by 6:19pm Singapore time, the most-traded May contract on the Singapore Exchange (SGX) was down by $0.10 per tonne compared with the previous settlement price of $94.75 per tonne.
A Zhejiang-based trader in east China told Fastmarkets that iron ore swaps prices had dropped on Wednesday due to global trade tensions affecting sentiment, but the pace of decline in the price of the most-traded contract on SGX slowed in the afternoon because market participants were anticipating more measures from the Chinese government to stimulate domestic consumption in response to the trade war with the US.
In northern China, a Shanxi-based steelmaker said that while Chinese hot metal production volumes were still rising, weak market sentiment was dragging down price premiums across all grades of iron ore products.
The discount for lower-tier mid-grade iron ore fines widened in the seaborne spot market, with buyers hesitant about procuring seaborne cargoes because they mainly purchase smaller volumes in the Chinese portside market due to uncertainty over future price trends, a Singapore-based trader said.
A June-arrival cargo of Mining Area C fines was traded at $3 per tonne of discount to a 62% Fe index in secondary market this week, Fastmarkets understands.
And a Beijing-based steelmaker said that, despite the recent drop in iron ore prices, weak steel prices continue to squeeze profitability, discouraging mills from buying high-grade materials.
Demand for seaborne, low-alumina Brazilian fines and 65% Fe Brazilian fines remains sluggish, the steelmaker added.
Iron ore lump premiums were capped by high pellet inventories in the Chinese portside market, with traded premiums hovering around $0.1470 per dry metric tonne unit (dmtu), a Shanghai-based trader said.
An 80,000-tonne cargo of 62.2% Fe Newman Blend lump with May 6-15 laycan was traded at the May average of Fastmarkets’ 62% Fe index and another 62% Fe index on a FOB basis, plus a lump premium of $0.1458 per dmtu on Monday. The premium was lower than the previous traded lump premium at $0.1488 per dmtu last Tuesday.
A second Shanghai-based trader said that low-grade iron ore fines discount also widened amid ample resources at the Chinese portside market.
A 55,000-tonne cargo of 57% Indian fines was traded at the May average of 62% Fe index with a 21.5% discount in the secondary market, the trader said, adding that a major Australian miner had widened its April fixed monthly discount for 56.5% fines to 14.25% in March (from 12% previously), and moved its 58% Fe fines discount to 10% in March (from 7.75%).
Concentrate and pellet feed A 70,000 tonnes cargo of 62% Fe Karara pellet feed, with May 1-10 laycan, was traded at the June average of a 62% Fe index with a discount of $1.98 per tonne on Wednesday.
Rising inventories of iron ore pellet at Chinese ports put pressure on pellet and pellet feed premiums, a Hunan-based steelmaker in southern China estimated the tradable premium for 65% Fe pellets cargoes at around $6 per tonne to a 65% Fe index.
The steelmaker said Ukrainian 65% Fe concentrate cargoes were tradable at around $5.50-6.00 per tonne on top of 65% Fe index in the seaborne secondary market.
Fastmarkets’ iron ore indices 62% Fe fines, cfr Qingdao:$95.40 per tonne, down $0.19 per tonne 62% Fe low-alumina fines, cfr Qingdao:$94.93 per tonne, down $0.18 per tonne 58% Fe fines high-grade premium, cfr Qingdao:$81.97 per tonne, up $0.21 per tonne 65% Fe Brazil-origin fines, cfr Qingdao:$108.35 per tonne, down $0.18 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:761 yuan per wet metric tonne (implied 62% Fe China Port Price:$95.63 per dry tonne), down by 5 yuan per wmt 67.5% Fe pellet feed premium, cfr Qingdao:$0.60 per tonne, unchanged 67.5% Fe pellet feed, cfr Qingdao:$112.90 per tonne, down $0.60 per tonne 65% Fe concentrate premium, cfr Qingdao:$(4.90) per tonne, unchanged 65% Fe concentrate, cfr Qingdao:$102.35 per tonne, down $0.60 per tonne
Trades/offers/bids heard in the market BHP, Beijing Iron Ore Trading Center, 80,000 tonnes of 60.6% Fe Mining Area C fines, traded at $89.80 per tonne CFR Qingdao, laycan May 6-15
BHP, globalORE, 80,000 tonnes of 62% Fe Newman fines, traded at $91.90 per tonne CFR Qingdao, laycan May 6-15
Pellet Feed and Concentrates Tender, 70,000 tonnes of 62% Fe Karara pellet feed, traded at the June average of a 62% Fe index with a discount of $1.98 per tonne, laycan May 1-10
Market participant indications Fastmarkets’ index for iron ore 62% Fe fines CFR Qingdao Pilbara Blend fines: $95.00-95.80 per tonne Brazilian Blend fines: $93.82-95.45 per tonne Jimblebar fines: $88.52 per tonne
Fastmarkets’ index for iron ore 65% Fe Brazil-origin fines CFR Qingdao Iron Ore Carajas: $107.00-109.00 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) per tonne Shougang Hierro Peru 70: $0.50-0.60 per tonne Kaunis Pellet Feed: $0.50-1.00 per tonne Metinvest 68% Pellet Feed: $(2.30)-(3.00) per tonne Ferrexpo 67%: $(3.00)-(3.50) per tonne
Fastmarkets’ index for iron ore 65% Fe Concentrate Premium, CFR Qingdao Citic Pacific Concentrate: $(4.00)-(4.50) per tonne Karara Concentrate: $(5.00)-(5.65) per tonne Metinvest SevGok Concentrate: $(4.00)-(4.65) per tonne
Port prices Pilbara Blend fines were traded at 740-755 yuan per wmt in Shandong province and the ports of Tangshan city on Wednesday, compared with 745-773 yuan per wmt on Tuesday.
The latest range is equivalent to about $93-95 per tonne in the seaborne market.
Dalian Commodity Exchange The most-traded September iron ore futures contract on the exchange closed at 689 yuan per tonne on Wednesday, down by 4 yuan per tonne from Tuesday’s closing price.