Iron ore inventory at Chinese ports down 1.47 percent

Wednesday, 11 August 2021 14:07:54 (GMT+3)   |   Shanghai
       

On August 9, inventory of iron ore at 33 major Chinese ports amounted to 116.9 million mt, down 1.47 percent compared to August 2, as announced by China's Xinhua News Agency.

During the given week, import iron ore prices indicated sharp declines, due to strong concerns over future demand as mills in Hebei are likely to cut steel output sharply in the winter ahead of the Winter Olympics.

The increasing volume of iron ore arriving in the market was offset by more active cargo discharges at some ports after a pause caused by adverse weather conditions. The capacity utilization rates of blast furnaces in China were almost unchanged. Chinese steel output may decline in the future, which may exert a negative impact on demand for iron ore. It is thought that import iron ore prices may edge down or fluctuate within a limited range at low levels in the coming week.


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