CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Imported iron ore stocks fall on weak demand

06-01-2011 10:45 BJT

BEIJING, May 31 (Xinhua) -- Inventories of iron ore at 25 of China's major sea ports rose by 610,000 metric tons to hit a total of 93.07 million metric tons on May 30, according to the Xinhua-China Iron Ore Price Index released on Tuesday.

The index, compiled by the Xinhua News Agency, tracks iron ore inventories and imports in Chinese spot markets through research and analysis of data from 25 major ports.

The index for 63.5-percent-purity iron ore imports fell by 5 points to hit 179 points, while that for 58-percent-purity iron ore imports slipped by 6 points week-on-week to rest at 147 points.

Xinhua analysts said that over-the-counter quoted prices for fine ore imported from India has dropped to 10 U.S. dollars per metric ton this month after declining by 5 dollars this week.

A Xinhua market survey showed that the country's current inventories of iron ore are enough to satisfy the demands of domestic steelmakers for at least one month. Many domestic steel factories have already suspended imports of more iron ore.

The iron and steel industry remains tentative due to electricity shortages, changes in international commodity prices and uncertainty from downstream demands, according to Xinhua analysts.

A sharp price correction for imported iron ore is unlikely in the short term and the entire market will remain weak for some time, according to Xinhua analysts.

 

Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program