Iron ore inventories at 33 major Chinese seaports declined to 94.28 million tonnes as of Monday (April 27), down 470,000 tonnes or 0.49 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 rebounded 7 points to 58 by Monday, and that for imported 58-percent-purity-grade iron ores also rose 7 points to 52. Iron ore prices on the futures and spot markets both rebounded vigorously during the past week, after global leading miners turned to slow down the expansion pace.
Australian iron ore mining giant BHP Billiton last week announced to delay the reconstruction work of Port Hedland, which indicates the company would not reach the original target of expanding its annual output to 290 million tonnes by 2017.
Benchmark iron ore contract on Dalian Commodity Exchange touched daily limit-up twice in the past week, and the spot iron ore price has rebounded nearly 20 percent from the bottom hit on April 2.
The China Iron Ore Price Index (CIOPI) gained 3.89 percent on Monday, with the imported iron ore price index up 5.04 percent, statistics from China Iron and Steel Association (CISA) showed.
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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