According to a new report issued by the China Iron and Steel Association (CISA), as of December 31 this year imported iron ore inventory at Chinese ports totaled 147 million mt, up 3.67 percent month on month.
According to the CISA, in the January-November period this year China’s pig iron output increased by 14.90 million mt, while China’s imports of iron ore rose by 55.65 million mt, both year on year, reflecting the ongoing oversupply of iron ore in the market.
Production cuts during the winter season have negatively affected crude steel output, as stated by the CISA. Meanwhile, amid the traditional off-season for finished steel demand, crude steel output in China will remain at low levels, resulting in slack demand for iron ore.
It is thought that iron ore prices in China will move on a fluctuating trend in the coming period and are unlikely to see any sharp increases, the CISA said.