Iron Ore Inventories at Port Slightly Increases this Week

According to Hebei Daily, recently, Shanghai University and Changli County Dongwen Precise Machine Parts Co., Ltd. jointly completed the first development test of hydrogen-enriched smelting technology of blast furnace with pure hydrogen as blowing gas source in China.

Currently, the iron ore prices have been rising rapidly in contrary to the background that the supply and demand in the iron ore market has been stable and the port inventory has also been at a high level.

On February 18, the National Development and Reform Commission and other 11 central departments jointly issued a notice on a series of policies to promote stable growth of industrial economy.

Total zinc inventories across seven Chinese markets stood at 120,100 mt as of December 31, down 6,600 mt from December 27 and 4,100 mt from December 24.

The profits at steel mills increased, boosting the demand for iron ore. Besides, real estate credit policy may marginally loosen, boosting market sentiment and pushing up steel prices. Iron ore futures have risen for several days.  China's central bank, the People's Bank of China, will cut the reserve requirement ratio by 0.5 percentage point. Government also released the signal of “stabilising the real estate industry”. Iron ore prices surged 8.66% yesterday supported by multiple factors.

Overall hot-rolled coil inventories in China, as of Thursday May 3, dropped 1.8% from a week ago and 22.9% from a year ago to register at 3.24 million mt

As per statistics of SMM Steel, up to Dec.1st, inventory at 35 ports reaches 131.65 million tons, rising 1.41 million tons on weekly basis.

SHFE Aluminium inventories slightly rises this week, reaching 666,581 tonnes historic record.

Total inventories in seven places reach 1.743 million tonnes, rising 9,000 tonnes compared with last Thursday, rising 4,000 tonnes compared with this Monday.

As per SMM research, this week Shanghai inventories gain an obvious increase of about 10,000 tonnes.