Iron ore inventory at Chinese ports up 0.65 percent

Friday, 19 March 2021 14:24:08 (GMT+3)   |   Shanghai
       

On March 15, inventory of iron ore at 33 major Chinese ports amounted to 121.99 million mt, up 780,000 mt or 0.65 percent compared to March 8, as announced by China's Xinhua News Agency.

During the given week, import iron ore prices moved down sharply amid the decreasing capacity utilization rates of Chinese steelmakers’ blast furnaces. Demand for import iron ore will likely come under downward pressure as China’s Ministry of Industry and Information Technology has urged steelmakers to reduce crude steel outputs in order to achieve carbon neutrality. However, weather conditions will improve in the near future, which will exert a positive impact on construction activities and boost demand for steel, which will likely bolster iron ore prices to some extent.


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