CISA: Iron ore prices likely to fluctuate on soft trend

According to a new report issued by the China Iron and Steel Association (CISA), as of January 31 this year, imported iron ore inventory at Chinese ports totaled 119.51 million mt, up 5.12 million mt month on month and rising by 21.1 million mt year on year.

According to the CISA, last year China’s pig iron output amounted to 701 million mt, up 5.16 million mt year on year, while China’s imports of iron ore totaled 1.024 billion mt, rising by 71.64 million mt year on year, reflecting the ongoing oversupply in the iron ore market.

Given the imbalance between supply and demand due to the increases in imported iron ore supply and in ore inventory levels at Chinese ports, it is thought that iron ore prices will likely fluctuate on a soft trend in the coming period, the CISA stated.