Lumps Were More Popular Than Other Types Of Iron Ore After Seven Rounds Of Coke Price Cuts

SHANGHAI, May 15 (SMM) - The inventory of concentrates at 10 major Chinese ports rose 8.2% from levels seen before Labour Day holiday to 6.86 million mt last week. Only a few steel mills reported profits and their profit margins were thin. This, coupled with falling domestic concentrate prices, made imported concentrates less popular. The inventories of fines slipped 0.4% to 63.22 million mt, pellets down 0.7% to 6.98 million mt, and lumps down 5.1% to 11.33 million mt. Coke prices experienced seven rounds of cuts last week, boosting the demand for lumps. Lower costs may encourage steel mills to restart blast furnaces.