Iron ore inventory increases slightly at Chinese ports

Wednesday, 01 March 2017 10:03:00 (GMT+3)   |   Shanghai
       

As of February 27, inventory of iron ore at 33 major Chinese ports amounted to 114.36 million mt, up 940,000 mt or 0.83 percent compared to the inventory level recorded on February 20, 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 91 points, unchanged week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 77 points on the date in question, declining by two points week on week.

In the given week, imported iron ore prices in China indicated upward movement on the back of increases in finished steel prices in the domestic market. At present, sentiment among iron ore traders remains positive as regards the future prospects for the market. It is thought that prices of imported iron ore in China will likely indicate a slight rising trend in the coming period.

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