CITIC: Iron Ore Prices to Have Limited Upward Room under Policy Control

SHANGHAI, Mar 4 (SMM) – According to CITIC Futures reports, China’s imports of iron ore from Russia and Ukraine account for less than 2.5% of the total imports. China’s exports of steel plates and coils increased marginally as the global steel trade was interrupted, which supported the demand for iron ore.

The decline in the iron ore exports from Russia and Ukraine will affected the global supply and demand.

China’s port inventory of iron ore stands at 158 million mt currently. As the steel mills resume the production in March, the port inventory will decrease.

National Development and Reform Commission as well as China Iron and Steel Association have continuously requiring more stringent supervision on the iron ore prices. Hence the iron ore prices will have limited upward room.