Having ended last week with a decrease, prices of ex-Australia iron ore of 62 percent Fe content for delivery to China’s Qingdao port have moved up by $0.5/mt on Monday, July 21, compared to last Friday, starting the current week at $67.05-68.15/mt CFR China. As of July 17, inventory of iron ore at 33 major Chinese ports amounted to 119.13 million mt, up 480,000 mt or 0.4 percent compared to the inventory level recorded on July 10, as announced by China's Xinhua News Agency.
Last week, the ongoing upward trend of Chinese domestic semi-finished and finished steel prices supported a five percent increase in global iron ore prices on week-on-week basis.
Iron ore prices have started this week with an increase amid decent demand from Chinese iron ore buyers, though Chinese iron ore futures prices have been moving on a downward trend since last Thursday.
Meanwhile, market sources said that the iron ore inventories of Chinese steelmakers are rising again and will likely negatively affect iron ore prices in the short term.