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

Thursday, 27 June 2019 11:26:05 (GMT+3)   |   Shanghai

As of June 24, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 117 points, up nine points compared to June 17, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 109 points on the date in question, also up nine points over the same period, as announced by China's Xinhua News Agency. In addition, on June 24 inventory of iron ore at 33 major Chinese ports amounted to 101.63 million mt, down 0.29 percent week on week, according to the same source.

During the given week, though iron ore shipments and iron ore arriving at Chinese ports increased slightly, import iron ore prices indicated sharp rises. On June 19, major miner Rio Tinto stated that operations of mines faced challenges, while the share of its low Fe-content iron ore output was being increased, with this announcement negatively affecting market participants’ expectations regarding iron ore supply. Meanwhile, blast furnaces’ capacity utilization rates in China have declined though they still remain at high levels, which will continue to support demand for import iron ore. It is expected that import iron ore prices in China will gradually soften amid the traditional offseason for the steel industry.

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