China’s iron ore stockpiles down to 68.82 mln tons by November 21
Iron ore stockpiles at China’s 22 major ports stood at 68.82 million tons on Friday, Nov. 21, down 1.85 percent from Nov. 14, while Indian iron ore stockpiles dropped by 10.67 percent to 14.65 million tons, according to figures released by Shanghai-based Mysteel.
Over the week, spot market prices of imported iron ore remained stable, with transaction volume falling slightly when compared with the previous week.
Due to sliding coke prices, which have reduced production costs of steel mills, small and medium-sized steel mills moved to resume production and increased their purchases of low-grade Indian iron ore.
In addition, as downstream steel product prices stabilized, confidence of some steel mills rose, which led to increased inquiries for imported iron ore.
However, the winter season is likely to keep downstream demand low and as a result, some imported iron ore market players will continue adopting a wait-and-see approach.
The average delivery price for Indian ore grading 63.5 percent stood between RMB 580 ($84.90) and RMB 610 ($89.29) per ton on Nov. 21 while the price of Indian ore grading 62 percent was between RMB 530 ($77.58) and RMB 550 ($80.51) per ton, both unchanged from the previous Friday.
Iron ore freight rates from Brazil’s Tubarao Port to Beilun/Baoshan ports further fell by 6.87 percent from Nov. 13 to $8.41 per ton on Nov. 20. At the same time, freight rates from Western Australia to Beilun/Baoshan ports dipped by 6.02 percent from Nov. 13 to $4.06 per ton on Nov. 20, according to the latest information from Mysteel.
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