Iron ore prices fell on Friday but ended the week slightly higher, pointing to a notable uptrend for April. Friday's close of USD 116.35 per tonne reflected a higher increase from USD 111.04 per tonne recorded on the previous Friday and USD 98.35 on April 5.
However, port stocks at China's major ports continued to build. The latest survey of stocks at China's 45 largest ports revealed an increase of around 721,000 tons last week, bringing total stocks to 145.6 million tons. This represents an increase of more than 13% compared to the same period last year. Inventories have been rising for 17 weeks, with suppliers delivering 25.3 million tons last week, up 915,000 tons after a slight decline in the previous week.
The momentum was supported by higher prices for other raw materials, such as coking coal, as well as signs that some steelmakers' profits rose for another week. About 49% of 247 blast furnace producers reported profits. This marks the fifth consecutive week of profit growth and explains the resilience of iron ore prices.
Comments
No comment yet.