Xinhua-China Iron Ore Price Index for 62% Fe import ore down 9 points

Monday, 10 June 2019 12:16:18 (GMT+3)   |   Shanghai

As of June 3, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 99 points, down nine points compared to May 27, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 91 points on the date in question, also down nine points over the same period, as announced by China's Xinhua News Agency. In addition, on June 3 inventory of iron ore at 33 major Chinese ports amounted to 106.8 million mt, decreasing by 3.37 percent week on week, according to the same source.

During the given week, iron ore shipments from Australia and Brazil gradually recovered, which will reduce the downward movement of iron ore inventories at Chinese ports. Although the traditional peak season for finished steel is over, the capacity utilization rates of Chinese steelmakers’ blast furnaces and electric arc furnaces have continued to rise, indicating that demand for finished steel from downstream users is still good, which will provide support for import iron ore prices. Following the downward trend seen in import iron ore prices, it is thought that import iron ore prices will fluctuate within a limited range at current high levels in the coming week.

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