Iron ore inventory at Chinese ports down 0.21 percent

Thursday, 12 November 2020 12:11:01 (GMT+3)   |   Shanghai
       

On November 9, inventory of iron ore at 33 major Chinese ports amounted to 109.84 million mt, down 0.23 million mt or 0.21 percent compared to November 2, as announced by China's Xinhua News Agency.

During the given period, import iron ore prices in China have seen a rebounding trend owing to firm demand and positive steel market. The iron ore shipments were on the rise previously, so the recent stop in increasing of iron ore inventories in ports is the positive sign in the market, reflecting an improvement of supply-demand balance. Recently, billet and longs prices have moved up, and ferrous metal futures prices have surged, which exerted a positive impact on import iron ore prices. It is thought that import iron ore prices will likely continue the rebounding trend in the coming week.


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