CISA: Iron ore prices unlikely to continue rising trend in November

Thursday, 08 November 2018 11:34:55 (GMT+3)   |   Shanghai

According to a new report issued by the China Iron and Steel Association (CISA), as of October 31 this year imported iron ore inventory at Chinese ports totaled 145 million mt, up 20,000 mt or 0.01 percent month on month and rising by 6.8 percent year on year.

According to the CISA, as of October 31 this year, the composite steel price index (CSPI) was up 0.07 percent to 121.72 points compared to September 30.

In the October 1-20 period this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9783 million mt, with the average aggregate daily crude steel output for all steelmakers in China amounting to 2.5028 million mt, down 7.13 percent compared to September and resulting in slacker demand for iron ore imports.

Due to the stable macroeconomic situation, demand for steel in China will likely move on a stable trend, while steel output and demand for iron ore are unlikely to indicate big rises, which will result in a basically balanced situation between demand and supply in the iron ore market. Import iron ore prices for China are unlikely to continue their rising trend in November, the CISA said.

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