As of Jan. 11, iron ore inventories at 33 major Chinese ports totaled 106.06 million mt, down 1.31 million mt, or 1.22 percent, from Jan. 4, according to China’s Xinhua news agency.
This week, imported iron ore prices in China rose due to the increase in futures prices and stable demand, especially when the allocation of some iron ore grades was limited. More iron ore arrived at Chinese ports, but concerns about lower supply in the coming weeks encouraged buying.
Meanwhile, Chinese steelmakers’ blast furnace utilization fell due to the Covid 19 pandemic in northern China and weak demand from downstream users during the traditional off-season.
However, steelmakers may start to build up iron ore stocks for the winter season and ahead of the Chinese New Year (Feb. 11-17), which will support prices.
Imported iron ore prices are likely to remain high in the near future as market participants are optimistic about the outlook for the global market.
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