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.

Iron ore inventories across 35 major Chinese ports shrank 460,000 mt to 144.8 million mt as of Friday May 18, SMM data showed.

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.

Nickel ore inventory at Chinese ports dropped to 6.63 million wmt as of Friday, March 16, SMM data showed. This was down by 280,000 wmt from a week ago. 

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

China's total nickel ore port inventory amounted to 9.5 million wmt as of Friday December 15, up 210,000 wmt from a week ago, according to SMM data.