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

Thursday, 11 July 2019 10:47:27 (GMT+3)   |   Shanghai

As of July 8, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 118 points, down five points compared to July 1, 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, down six points over the same period, as announced by China's Xinhua News Agency. In addition, on July 8 inventory of iron ore at 33 major Chinese ports amounted to 99.38 million mt, down 1.22 percent week on week, according to the same source.

During the given week, though giant miners including BHP Billiton increased their iron ore shipments, the import iron ore arriving at Chinese ports has not increased, bolstering import iron ore prices. Meanwhile, the capacity utilization rates of blast furnaces remained at high levels, providing support for import iron ore prices from the demand side. However, due to moves in China to carry out probes into the rapid rises in import iron ore prices, the iron ore price index declined. It is expected that in the coming period import iron ore prices will move sideways at their current high levels, though in the medium term import iron ore prices will likely decline gradually to more reasonable levels.



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