Iron ore inventory at Chinese ports down 0.5 million mt

Wednesday, 18 November 2020 12:06:43 (GMT+3)   |   Shanghai
       

On November 16, inventory of iron ore at 33 major Chinese ports amounted to 109.34 million mt, down 0.5 million mt or 0.46 percent compared to November 9, as announced by China's Xinhua News Agency.

During the given period, import iron ore prices in China indicated a slight rebound, while iron ore shipments decreased amid berth maintenance works in Australia and Brazil, and volumes of iron ore supplies arriving at ports also declined. Meanwhile, blast furnace capacity utilization rates of Chinese steelmakers and their steel outputs moved down slightly compared to the previous week. The demand for import iron ore will remain at its current level. At the same time, commodities prices in the global market will likely move on a rebounding trend as market players think the global economy will recover, which will help push up iron ore prices.


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