Iron ore inventory edges up at Chinese ports
As of August 24, inventory of iron ore at 33 major Chinese ports amounted to 78.57 million mt, up 930,000 mt or 1.2 percent compared to the inventory level recorded on August 17, as announced by China’s Xinhua News Agency on August 25.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 56 points, down one point 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, remaining stable week on week.
With production restrictions implemented in the steel industry in Hebei Province, finished steel products will be in shorter supply in the short term, exerting a positive impact on finished steel prices and contributing to the stable movement of prices of imported iron ore. It is thought that import iron ore prices will likely move sideways in the coming week.