There is something to cheer for the global Iron ore miners, who are in critical phase after Iron ore prices in the Sea borne market have corrected by over 40% since April, 2014.
Market participants in China believe that prices may recover a bit on the backdrop of low inventory at ports, which have reduced by another 3.5 MnT this week. Inventory that rose upto 113 MnT in July; have decreased below 100 MnT last week.
“As Iron ore stockpiles have reduced by 3.5 MnT this week, the steel mills are preparing to stock for the coming long holidays. Future prospect of prices is seem to be at higher side. We expect market might improve a bit that’s a few dollars only. Overall, market is still poor and there is lack of enthusiasm. Surprisingly, premium of lump has gone upto USD 18/MT,” said an importer based at Rizhao port in China.
Till 19 Dec’14
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