Iron ore inventory at Chinese ports down 4.29 percent in early May

Iron ore inventory at Chinese ports down 4.29 percent in early May

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On May 11, inventory of iron ore at 33 major Chinese ports amounted to 94.57 million mt, down 4.24 million mt or 4.29 percent compared to late April (April 21-27), as announced by China’s Xinhua News Agency.

In the April 28-May 11 period this year, import iron ore prices in China edged up slightly amid a decrease in iron ore shipments and rises in steelmakers’ blast furnace capacity utilization rates. Meanwhile, iron ore futures prices at Dalian Commodity Exchange (DCE) have moved on an overall upward trend, which also exerted a positive impact on iron ore prices. It is expected that import iron ore prices in China will move up further as inventory of iron ore at Chinese ports has fallen to its lowest level of the past four years. 

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