Xinhua-China Iron Ore Price Index for 62% Fe import ore down 3 points

Wednesday, 24 April 2019 10:56:33 (GMT+3)   |   Shanghai

As of April 22, inventory of iron ore at 33 major Chinese ports amounted to 118.36 million mt, down 2.89 percent compared to the inventory levels recorded on April 15, while the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 93 points, down three points compared to April 15. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 84 points on the date in question, also down three points over the same period, as announced by China's Xinhua News Agency.

During the April 16-22 period, Vale’s Brucutu mine received approval for resumption of iron ore production, involving an annual iron ore output of 30 million mt, and this news negatively impacted the iron ore market. However, as heavy rain at Ponta da Madeira port in Brazil exerted a negative impact on iron ore production, Vale confirmed its iron ore shipment guidance for 2019 as issued previously. Considering that demand is unlikely to continue to improve, it is expected that import iron ore prices for China will fluctuate within a limited range in the coming week.

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