Xinhua-China Iron Ore Price Index for 62% Fe import ore up 5 points

Friday, 22 March 2019 10:18:32 (GMT+3)   |   Shanghai

As of March 18, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 88 points, up five points compared to March 11. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 80 points on the date in question, up six points over the same period, as announced by China's Xinhua News Agency.

Iron ore prices moved sideways in the first part of the given week, but rose significantly in the latter part of the week as production at Brazil’s Timbopeba mine was halted by local court order on March 15. At the same time, China’s National Bureau of Statistics (NBS) has announced that the year-on-year growth in fixed asset investment in infrastructure in the January-February period of the current year reached 4.3 percent, up from the growth of 3.8 percent recorded for 2018, and this will likely boost demand for finished steel. It is thought that import iron ore prices will increase further in the coming week.

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