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.