Iron ore import prices in China rebound on back of fewer arrivals

Traders in Tangshan, Hebei Province, China, have stated that iron ore import prices have rebounded slightly, while arrivals of cargo ships carrying iron ore at China's ports are now fewer than before, as reported by Shanghai-based financial newspaper National Business Daily.
 
Domestic market players have stated that overseas miners are restricting iron ore cargo arrivals at Chinese ports as part of efforts to push up prices. Market players also state that many Chinese steel mills use low grade ore for blending. However, Indian low grade ore is in short supply, and this increases the pressure on buyers. Total iron ore inventory at Chinese ports currently stands at 90 million mt, sufficient to support the production operations of Chinese mills for about one month.