Iron ore inventories at 33 major Chinese seaports decreased to 81.54 million tonnes as of Monday (June 8), down 2.2 million tonnes or 2.63 percent from a week earlier, according to Xinhua-China Iron Ore Price Index released on Tuesday.
The Xinhua-China IOP Index, compiled through data collected from 33 selected major seaports, showed the price index for imported 62-percent-purity-grade iron ores rose 3 points from a week ago to 64 by Monday, and that for imported 58-percent-purity-grade iron ores increased 3 points to 58. Iron ore prices continued hiking during the past week amid insufficient spot iron ore supply from the ports. Also, the benchmark iron ore contract on Dalian Commodity Exchange touched daily limit-up last Monday, triggering a widespread optimistic sentiment across the market. However, steel prices continued sinking on Chinese domestic market.
It is possible for the iron ore prices to retreat shortly after having rebounded for two weeks. The Xinhua-China IOP Index, developed by Xinhua News Agency and released every Tuesday on the Xinhua08 platform, tracks changes on the country's iron ore market through in-depth surveys with Chinese major seaports, iron ore traders and steelmakers, as well as analysis on customs statistics.
It serves as a reference indicator reflecting movements of Chinese iron ore stocks. The original data were collected via Xinhua's global data and information collection network and were put together with comments from experts in iron and steel production, wholesale and retail sectors.
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