Iron ore inventory edges down slightly at Chinese ports

Wednesday, 10 September 2014 12:18:59 (GMT+3)   |   Shanghai
       

As of September 8, inventory of iron ore at 33 major Chinese ports amounted to 109.06 million mt, down 300,000 mt or 0.28 percent compared to the inventory level recorded on September 1, as announced by China's Xinhua News Agency on September 10.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 83 points, down five points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 72 points on the date in question, down four points week on week.

During the given week, against the backdrop of continuous declines seen in iron ore futures prices at Dalian Commodity Exchange, imported iron ore prices in China have fallen to their lowest level this year. Steelmakers have been cautious about purchasing iron ore due to the downtrend of finished steel prices, while iron ore traders also maintain a wait-and-see stance. Meanwhile, the market for domestic production iron ore has been indicating a slight downtrend, resulting in losses among domestic ore producers. Domestic miners will be unwilling to lower their iron ore prices further, which will likely provide a certain degree of support for imported iron ore prices. It is expected that imported iron ore prices in the Chinese market will continue their downward movement as bearish sentiment prevails in the market, though the declining movement is likely to slow down.


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