Iron Ore Evacuation Continues to Increase 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.

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.

Some 76 vessels with 11 million mt of iron ore are expected to arrive at major Chinese ports during May 11-17. This will be up 280,000 mt from 10.72 million mt during May 4-10

The iron ore spot prices dipped slightly on Wednesday May 9

Spot iron ore trading in China picked up amid improved sentiment on Tuesday May 8 as iron ore futures on the Dalian Commodity Exchange rose and closed higher at 476 yuan/mt.

A total of 65 vessels with 9.19 million mt of iron ore are expected to arrive at major Chinese ports during March 9-15, SMM learned.

Nickel ore inventory at China's ports dropped to 6.91 million wmt as of Friday March 9, SMM data showed.

A total of 62 vessels with 8.55 million mt of iron ore are expected to arrive at major Chinese ports during March 2-8, SMM learned.