Lower stocks see China import iron ore lump premium near 2-month high

Stocks of imported iron ore lumps stored at China's ports have been falling over the past two weeks, causing the volume to touch a year-to-date low this week. Yet, the tighter supply has lent some support to the country's lump premium, driving it to close to a two-month high, Mysteel data show.

Since late March China's seaborne iron ore lump premium against fines had generally declined, but in recent days the premium has picked up sharply, with Mysteel's 62.5% Fe Australian iron ore lump premium against 62% Fe Australian fines in the seaborne market rising to $0.149/dmtu as of April 21,