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Iron ore slips amidst high inventories at China ports

The mosttraded September iron ore agreement on China's Dalian Product Exchange (DCE). traded 0.90% lower at 883 yuan ($ 122.22) a metric lot,. as of 0325 GMT, on Wednesday.

Due to the end of the Chinese holiday, iron ore stock. replenishment speculation has ended. In addition, arrivals at. the port during the working days of May continue to be high, and. the port stock is at a seasonal high, said Pei Hao, a. Shanghai-based analyst at worldwide brokerage Freight. Financier Provider (FIS).

The basic aspects are bearish today, he included.

Iron ore imports this year in China, the world's biggest. customer, are expected to be broadly the same as in 2015 at. around 1.17 billion to 1.18 billion metric lots, a senior. official of miner Vale stated on Wednesday.

Other steelmaking active ingredients on the DCE fell, with coking. coal and coke down 3.24% and 3.10%,. respectively.

Steel criteria on the Shanghai Futures Exchange likewise relieved. a little. Rebar was down 0.62%, hot-rolled coil. 0.85%, wire rod 0.73% and stainless steel. 1.67%.

(source: Reuters)