Iron ore inventories at Chinese ports down 0.73 percent

Iron ore inventories at Chinese ports down 0.73 percent

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On June 8, inventory of iron ore at 33 major Chinese ports amounted to 89.55 million mt, down 0.66 million mt or 0.73 percent compared to the previous week (May 26-June 1), as announced by China’s Xinhua News Agency.

In the June 1-8 period, import iron ore prices in China edged up amid decreasing shipments of iron ore. Meanwhile, steelmakers’ blast furnace capacity utilization rates and outputs increased, providing solid support for demand for iron ore. Due to the spread of Covid-19, Vale has suspended production at its Itabira mine complex, which has raised market players’ concerns regarding iron ore supplies in the future, thereby bolstering iron ore prices. It is thought that iron ore prices in China will continue their upward trend in the coming period.

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