Iron ore inventory at Chinese ports almost stable

Wednesday, 15 September 2021 12:03:52 (GMT+3)   |   Shanghai
       

On September 13, inventory of iron ore at 33 major Chinese ports amounted to 120.95 million mt, down 0.07 percent compared to September 6, as announced by China's Xinhua News Agency.

During the given week, import iron ore prices decreased significantly amid the increasing imbalance in the market. The capacity utilization rates of blast furnaces and steel outputs in China both decreased slightly. Production restrictions started to be implemented strictly from September 8 and in some provinces are due to continue up to the end of the current year. Accordingly, Chinese steelmakers have just been purchasing iron ore in line with their needs. It is thought that import iron ore prices may indicate a slight rebounding trend supported by the traditional peak season for business, but prices are unlikely to increase much and are unlikely to return to $150/mt CFR.


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