Iron ore inventory at Chinese ports up 0.75 percent

Wednesday, 24 February 2021 13:53:41 (GMT+3)   |   Shanghai
       

On February 22, inventory of iron ore at 33 major Chinese ports amounted to 108.41 million mt, up 810,000 mt or 0.75 percent compared to February 8, as announced by China's Xinhua News Agency.

During the given week, import iron ore prices have moved up sharply amid the improved demand seen following the Chinese New Year holiday, though iron ore shipments have also increased.

Steelmakers’ capacity utilization rates have been at high levels following the long holiday. Moreover, market players expected a rising trend for commodity prices, which exerted a positive impact on iron ore prices. At the same time, the US Federal Reserve issued a budget plan worth $1.9 trillion, positively affecting market players’ future expectations for the global economy.


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