Iron Ore Evacuation Continues to Increase This Week

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.

Copper cathode inventory in Guangdong has been falling for 10 consecutive sessions to as low as 21,400 mt according to SMM, a significant drop of 82,400 mt or 79.4% from YTD high of 103,800 mt. The level is close to the 4-year low of the same period.

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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Iron ore prices dipped on Thursday May 10 even as offers stayed firm with support from a pick-up in prices of futures near closing time on the Dalian Commodity Exchange

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 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.

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.