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Iron ore inventory increases at Chinese ports

Thursday, 25 February 2016 10:42:50 (GMT+3)   |   Shanghai
       
As of February 22, inventory of iron ore at 33 major Chinese ports amounted to 91.75 million mt, up 1.08 million mt or 1.19 percent compared to the inventory level recorded on February 15, as announced by China's Xinhua News Agency on February 24.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 48 points, up three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 43 points on the date in question, up five points week on week.

In the given week, imported iron ore prices in China continued to indicate a rising trend due to the increasing demand from downstream users who were seeking to replenish their inventories. Currently, China’s domestic finished steel prices are moving on a rising trend due to increasing demand from downstream users, which will provide support for iron ore prices. It is thought that imported iron ore prices in China will likely indicate an upward movement in the coming period.

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