Latest News:  


Iron ore prices rise on falling inventories


09:29, December 26, 2012

BEIJING, Dec. 25 (Xinhua) -- Import prices of iron ore continued to rise last week, with mills replenishing stocks amid a tentative rebound in the steel sector, according to Xinhua's latest iron ore price report released Tuesday.

The price index for 63.5-percent-grade iron ore imports increased six points to 137 points during the week ending on Dec. 24, while the index for 58-percent-grade imports also climbed six points to stand at 118 points, according to the report.

Positive November economic data and expectations that the new Chinese leadership will boost growth helped lift the flagging steel industry, prompting mills to restock iron ore and supporting prices of the steelmaking ingredient.

Xinhua analysts said in the report that the rapid increase in iron ore prices was mainly due to a big drawdown in port inventories.

The report showed that inventories of imported iron ore at 25 major Chinese ports stood at 80.3 million tonnes during the period, down 2.41 million tonnes, or 2.91 percent, from a week earlier.

However, analysts said fundamentals in the steel sector have not been improving, as demand has remained soft.

"The recent pickup in the steel sector may not bring about a prolonged boost for iron ore prices. With the cold weather, import prices of iron ore are expected to stabilize next week," according to analysts.

We recommend:

Riding on BJ-GZ high-speed railway

The spending of China's rich

More Chinese cities see home price rise

Santa is coming and China takes a lot more notice

Harbin-Dalian high-speed railway starts operation

Nanjing Yangtze Fourth Bridge to open


Leave your comment0 comments

  1. Name


Selections for you

  1. "Zhoushan" warship in training

  2. Officers and men in winter training

  3. Splendid moments in 2012

  4. China in winter snow wonderland

  5. With me, you are not alone

  6. Beijing-Guangzhou high-speed railway opens

  7. World's hottest supermodels in 2012

  8. Must-see December 2012

Most Popular


  1. Optimism over China's economy surfaces
  2. Internet gaming: 'A winning gamble'
  3. People have right to know what chickens eat
  4. Catchwords in memory in 2012
  5. Why the young Chinese get physically weaker
  6. Why Discover China is popular in the West
  7. The laughter sounds too harsh
  8. Do not confuse Confucious with Santa Claus

What’s happening in China

Ministry urges school safety after fatal van crash

  1. Military liquor ban drops shares
  2. China helps migrant workers get train tickets
  3. China convicts nearly 30,000 for IPR crimes
  4. Bumper crops mean China can feed itself
  5. Tobacco control plan criticized as 'weak'