As of April 8, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 95 points, up seven points compared to April 1. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 85 points on the date in question, up seven points over the same period, as announced by China's Xinhua News Agency.
During the April 2-8 period, import iron ore prices indicated sharp rises due to Cyclone Veronica’s negative impact on iron ore shipments from BHP Billiton and Rio Tinto. Global iron ore supply is expected to decrease for the full year of 2019. At the same time, demand for import iron ore has been stronger due to the improved performance of downstream industries in China. It is thought that import iron ore prices in the Chinese market will likely increase in the coming week.