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Iron ore inventory decreases slightly at Chinese ports

As of April 27, inventory of iron ore at 33 major Chinese ports amounted to 94.28 million mt, down 470,000 mt or 0.49 percent compared to the inventory level recorded on April 20, as announced by China’s Xinhua News Agency on April 28.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 58 points, up seven points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 52 points on the date in question, rising by seven points week on week.

During the given week, iron ore futures prices have risen sharply, exerting a positive impact on iron ore spot prices and resulting in an improvement in traders’ spot transaction activities. Meanwhile, the international mining giants have indicated that they will slow down their iron ore investments, easing the bearish sentiment regarding oversupply in the iron ore market. It is expected that iron ore prices will move on a rising trend in the coming week.

 

LEAD:   As of April 27, inventory of iron ore at 33 major Chinese ports amounted to 94.28 million mt, down 0.49 percent week on week.


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