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 $1.6/mt on Monday, July 17, compared to last Friday, starting the current week at $66.45-67.55/mt CFR China. As of July 10, inventory of iron ore at 33 major Chinese ports amounted to 118.65 million mt, down 740,000 mt or 0.62 percent compared to the inventory level recorded on July 3, as announced by China's Xinhua News Agency.
Last week, as demand and prices in the Chinese semi-finished and finished steel markets continued to increase, Chinese steelmakers stepped up their iron ore purchases, resulting in a three percent increase in ore prices in the given week.
Recent data published by China’s National Bureau of Statistics on Monday, July 17, indicates a positive economic outlook for the country, and accordingly global iron ore prices have started the current week with an upward trend against the backdrop of upticks in the steel futures market. However, market sources pointed out that Chinese steelmakers’ iron ore inventories have started to increase, while domestic steel demand has started to slow down as of the current week, adding that buyers will likely adopt a cautious stance again and that iron ore prices are unlikely to continue their upward trend for long.