China Iron Ore Output to Fall in June, SMM Expects

SHANGHAI, Apr 18(SMM) - The domestic iron ore prices inched higher last week, except for a 50 yuan/mt drop in Tangshan.

On the supply side, a new round of air pollution warnings has been launched in Tangshan city of Hebei, and some beneficiation plants have stopped production.

The concentrate price index of domestic iron ore stood at 994.8 yuan/mt last week, up 7.4% from a week earlier. Domestic iron ore prices in the main regions rose 20-130 yuan/mt, mainly due to the following reasons. First, the steel mills have higher demand for iron ore after the National Day holiday. And the domestic ore output in some regions trended lower amid power rationing, torrential rain, transportation restrictions, but recovered slowly from the second half of last week. Meanwhile, the price increases of imported iron ore early last week boosted the domestic ore prices.

Offers of spot iron ore rose 5-10 yuan/mt on Monday May 14 as prices of futures continued to perform strongly

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A total of 73 vessels with 10.72 million mt of iron ore are expected to arrive at major Chinese ports during May 4-10, SMM learned.

Iron ore inventory at 35 Chinese ports amounted to 149.32 million mt as of Friday March 23, up 1.32 million mt from a week ago, SMM data showed.

China’s State Administration of Taxation has launched a nationwide crackdown following exposure of false steel scrap invoice in Anhui last week. 

China One Belt&One Road Initiative is expected to trigger huge demand for resources, services and technology.

Global flat steel product selling figures have been on an upward trend throughout 2016, according to MEPS research.