Xinhua-China Iron Ore Price Index for 62% Fe import ore down 3 points

Friday, 26 July 2019 12:05:35 (GMT+3)   |   Shanghai

As of July 22, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 119 points, down three points compared to July 15, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 110 points on the date in question, also down three points over the same period, as announced by China's Xinhua News Agency. In addition, on July 22 inventory of iron ore at 33 major Chinese ports amounted to 99.41 million mt, up 2.34 percent week on week, according to the same source.

During the given week, more import iron ore arrived at Chinese ports, resulting in sufficient iron ore supply in the Chinese market. Meanwhile, iron ore futures prices at Dalian Commodity Exchange (DCE) moved down, exerting a negative impact on iron ore prices in the spot market. At the same time, traders in the iron ore market have been willing to lower prices to stimulate sales activities. At the same time, steelmakers’ profitability has shrunk, which will negatively affect the iron ore market. It is expected that import iron ore prices in the Chinese market will soften in the coming week.

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