Data showed that till the close of last week, the imported ore inventories was 66.45mln tons, down 300,000 tons from the previous week. Till the end of last week, the stock of Australian ore decreased 440,000 tons to 21.51mln tons,

Brazilian ore dropped 50,000 tons to 19.05mln tons and Indian ore fell 20,000 tons to 13.16mln tons.

With the tight supply, the iron ore price grew 3.6% last week, thereinto, the imported ore price hiked 5.7%.

However, Luo Wei, analyst of CICC disclosed that actually, the iron ore price increase margin is smaller than the expectation.

“Market
players are worried about the huge inventory, the decreasing demand in
real estate next year as well as the slowdown of the steel price
rising”, Luo said in reports.

“The industry fundamentals are gradually reviving, the market is over-pessimistic”, he said.

Many
traders believed that previously steel mills raised iron ore inventory
nationwide, as they bid the price will surge significantly on the spot
market. Propelled by the higher cost of iron ore, China’s steel spot
price soared 1.6% last week.

Source: MetalBiz

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