Xinhua-China Iron Ore Price Index for 62% Fe import ore up one point

Friday, 14 June 2019 12:08:08 (GMT+3)   |   Shanghai
       

As of June 10, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 100 points, up one point compared to June 3, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 93 points on the date in question, up two points over the same period, as announced by China's Xinhua News Agency. In addition, on June 10 inventory of iron ore at 33 major Chinese ports amounted to 104.75 million mt, down 1.92 percent week on week, according to the same source.

During the given week, import iron ore prices rose slightly. Iron ore shipments from Australia and Brazil have gradually recovered, easing the supply shortage see in the global market in the previous period. However, iron ore inventory at Chinese ports has continued to decrease. Meanwhile, demand from steelmakers has been good, providing support for import iron ore prices. Iron ore inventory at Chinese ports will likely increase in the near future, which will help stabilize import iron ore prices. It is expected that import iron ore prices for China will fluctuate within a limited range in the coming week.


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