Iron ore inventory down 1.39 percent at Chinese ports

Thursday, 12 July 2018 10:06:19 (GMT+3)   |   Shanghai

As of July 9, inventory of iron ore at 33 major Chinese ports amounted to 130.04 million mt, down 1.39 percent compared to the inventory levels recorded on July 2, as announced by China's Xinhua News Agency.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 63 points, down one point compared to July 2. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 52 points on the date in question, remaining stable over the same period.

During the given week, finished steel prices decreased. Due to the uncertainty created by the escalation of the trade war between the US and China, sentiment in the finished steel market lacks optimism. During the week in question, big traders in the import iron ore market were seeking to raise iron ore prices. However, it is expected that import iron ore prices in the Chinese market will edge down in the coming week due to slack demand.

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