Date
24 October 2017

Iron ore prices drop as inventory nears high, paper says

Iron ore stockpiles at the country’s 34 ports amounted to 96.3 million metric tons as of Feb. 7, edging near the historical high of 100 million metric tons, the China Securities Journal reported Wednesday, citing data from research firm custeel.com. According to the China Iron and Steel Association, the China Iron Ore Price Index was 421.72 at the end of January, down 26.56 points from December. The domestic market is entering its low season so steel prices and production are inevitably falling, the association said. International iron ore prices have also dropped from US$134.50 per metric ton on Jan. 2 to US$120.25 per metric ton on Feb. 7, a decrease of 10.6 percent, the report said.

– Contact HKEJ at [email protected]

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