Iron ore inventories at 33 major Chinese seaports monitored by Xinhua went up slightly to 88.06 million tonnes as of Monday (Dec. 14), up 1.49 million tonnes or 0.17 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 declined two points to 38 by Monday, and that for imported 58-percent-purity-grade iron ores dropped 2 points to 34. Prices of imported iron ores continued dropping during the past week. So did the futures and spot prices of steel products.
Under sluggish demand and strict environmental pressure, the operational rate of high furnaces was further lower last week. A large number of mills in Shanxi province and northeast China even suspended production. The low production of steel mills has further dragged down the iron ore demand, which is expected to stay under pressure in the near future.
The Xinhua-China IOP Index, developed by Xinhua News Agency and released every Tuesday, 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.
Latest comments