IRON ORE INVENTORY INDICATES DECLINE AT CHINESE PORTS
Sunday, July 21, 2013
Iron ore inventory indicates decline at Chinese portsAs of July 15, inventory of iron ore at 25 major Chinese ports amounted to 74.29 million tonnes indicating a decrease of 1.52 million tonnes or 2% WoW.
As of the same date, the Xinhua China Iron Ore Price Index for imported iron ore with 63.5% iron content was at 127 points up two points compared to one week earlier. Meanwhile, the Xinhua China Iron Ore Price Index for imported iron ore with 58% iron content was at 111 points on the given date, also up two points week on week.
Although Chinese steelmakers have been showing reluctance to purchase iron ore, domestic mining enterprises and major importers have been eager to increase their iron ore offer prices. Currently, imported iron ore is to some degree in short supply indicating that prices could move on a rising trend in the first part of the current week.
However, if transaction activity is not sufficiently good, it will be difficult to maintain the upward price trend. It is thought that iron ore prices will fluctuate within a narrow range in the latter part of the current week.
Source: Steel Orbis
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