Iron ore stockpiles at China's 23 major ports had declined at the end of last week to 62.41 million tonnes, out of which Indian spot ore had reduced to 18.25 million tonnes. Rizhao, Dalian, Qingdao and Caofeidian have recorded ore inventory reduction while Lanshan and Lianyun have seen rising ore stock.
The ports are to implement a new warehousing charge from June however it remains to see how that would help move down the heavy ore stock. New arrivals of ore imports have been quite few during the week. Currently, the off take price for benchmark Fe 63.5% Indian ore fine goes at CNY 1430 to CNY 1450 per tonne FOB, while spot prices for grades of Fe 58% and Fe 62.5% goes at CNY 1030 to CNY 1040 per tonne FOB and CNY 1360 to CNY 1380 per tonne FOB respectively.
Source: Steel Guru
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