WEEKLY: China mills' import iron ore stocks inch higher

Chinese steelmakers have consumed more imported iron ore recently, reflecting their persistent enthusiasm for producing steel. However, mills started to adopt a wait-and-see stance regarding iron ore restocking in view of their shrinking profit margins and the upcoming low season for finished steel consumption.

During May 28-June 3, daily consumption of imported sintering fines of the 64 Chinese blast-furnace (BF) steel producers under Mysteel's tracking averaged 631,100 tonnes/day, up 3,800 t/d or 0.6% from the previous week. The daily consumption volume – marking a multi-year high – reflected the overall active production among Chinese