According to a new report issued by the China Iron and Steel Association (CISA), as of November 30 this year, imported iron ore inventory at Chinese ports totaled 110.73 million mt, up 2.44 million mt month on month and rising by 21.56 million mt year on year.
According to the CISA, in the January-October period this year China’s pig iron output amounted to 586 million mt, up 300,000 mt year on year, while China’s imports of iron ore totaled 840 million mt, rising by 69.11 million mt year on year, reflecting the ongoing oversupply in the market.
Demand for iron ore will likely decrease amid steel production restrictions implemented within the scope of environmental protection measures in China’s northern region against the backdrop of cold winter weather conditions. It is thought that iron ore prices will likely indicate some fluctuations in the coming period, the CISA stated.