Iron ore inventory at Chinese ports up 0.72 percent

Thursday, 25 November 2021 12:21:38 (GMT+3)   |   Shanghai
       

On November 22, inventory of iron ore at 33 major Chinese ports amounted to 141.8 million mt, up 0.72 percent compared to November 15, as announced by China's Xinhua News Agency.

During the given week, import iron ore prices indicated a rebounding trend amid the declining deliveries in the global market and decreasing volumes of iron ore arriving in the market. Production capacity utilization rates and steel outputs declined, reducing steel enterprises’ profitability, and so some steelmakers implemented maintenance works. The declining supply of steel bolstered market players’ sentiments, which positively affected ferrous metal futures prices. It is thought that import iron ore prices may edge up slightly in the coming week, though slack demand for iron ore may drag down iron ore prices in the future.


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