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

Friday, 05 July 2019 09:32:21 (GMT+3)   |   Shanghai

As of July 1, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 123 points, up six points compared to June 24, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 115 points on the date in question, also up six points over the same period, as announced by China's Xinhua News Agency. In addition, on July 1 inventory of iron ore at 33 major Chinese ports amounted to 100.61 million mt, down 1.01 percent week on week, according to the same source.

During the given week, iron ore shipments increased as maintenance works by miners had been completed. Meanwhile, capacity utilization rates of Chinese blast furnaces were still at high levels, despite showing a decrease. However, following continuous rises, iron ore prices are at the highest levels of the past five years, reducing steelmakers’ profitability, and this will negatively impact demand for iron ore. It is expected that import iron ore prices in China will gradually edge down amid the traditional offseason for the steel industry.

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