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Prices of imported iron ore in China's portside and seaborne markets increased on May 20, while trading activities remained lukewarm.
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The 186 Chinese mining companies Mysteel surveys fortnightly continued to see their daily iron ore concentrates output increase over May 6-19, new data show, while their stocks of concentrates fell at the same time. The results reflected the production resumption at some miners and stronger buying for ore among steelmakers in North and East China where previous COVID-19 lockdowns were relaxed gradually, market sources said.
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Inventories of imported iron ore at China's 45 major ports under Mysteel's survey continued to decline to a seven-month low of 135.6 million tonnes over May 13-19, thinning for the eighth week by another 4.4 million tonnes or 3.1% on week, with the daily discharge rate hitting Mysteel's record high while new ore arrivals decreased.
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Daily consumption of imported iron ore sintering fines at China's 64 blast-furnace steel mills under Mysteel's survey remained generally stable over May 12-18, having nudged down by 4,400 tonnes/day or 0.8% on week to 552,900 t/d. Meanwhile, stocks of these fines at the same mills grew further.
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China's imported iron ore market saw prices for port inventories and seaborne cargoes rise for the second working day on May 16, with trading across both markets subdued.
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Iron ore demand among China's steelmakers remained relatively firm over the May 9-12 week given their stable steel production. Nevertheless, iron ore prices still eased throughout the week as market pessimism regarding near-term demand for finished steel and steelmaking inputs exacerbated, especially during the first half of the week.
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Offering prices of domestically-produced iron ore concentrates in most areas of China under Mysteel's tracking trended south over May 9-13. The decline was mainly due to the lower bidding prices tabled by steelmakers amid their dull demand and the bearish sentiment prevailing in the iron ore market, market sources said.
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Over May 9-13, China's steelmaking raw materials prices including iron ore and coke declined, mainly as steel demand from end-users had softened further amid the bearish market sentiment and meagre profit margins had also forced steel mills to lower their raw material procurement prices, Mysteel Global noted.
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China's blast-furnace steelmakers have fallen back in love with medium-Fe grade iron ore products recently, shunning the lower grade ores they had shown a determined preference for previously, as medium grade ore promises improved cost-effectiveness, given the poor finished steel margins mills are earning, according to market source.
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Over May 6-12, inventories of imported iron ore at China's 45 major ports under Mysteel's survey decreased further to about 140 million tonnes, down for the seventh straight week by another 3.3 million tonnes or 2.3% on week to hover at its six-month low, mainly as higher daily discharge volumes had outpaced the growth in new arrivals at these ports.
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Inventories of imported iron ore sintering fines stockpiled at the 64 Chinese steel mills monitored by Mysteel increased to 15.8 million tonnes over May 5-11, having recovered by 505,500 tonnes or 3.3% on week after the decline during the prior week, according to Mysteel's survey. Meanwhile, daily use of these fines at the same mills remained generally stable.
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China's imported iron ore market saw prices for port inventories and seaborne cargoes inch down for the fourth working day on May 10, and trading activities weakened as well.
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On May 9, Chinese prices of imported iron ore for both port inventories and seaborne cargoes dipped from May 7, but trading was relatively active in the portside market. May 7 was a make-up working day for China's Labour Day holiday over April 30-May 4.
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Bearish sentiment led Chinese prices of imported iron ore in both the spot and futures markets to drop over May 5-6 after the Labour Day holiday, with ore buying among many steelmakers also being tepid.
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Offering prices of domestic iron ore concentrates in China's major mining regions showed mixed trends over April 29-May 6, according to Mysteel's survey. Moderately improved demand from steelmakers in North China led the conc prices to rise, while miners in East China clipped their prices on weak buying and falling imported ore prices.
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Over April 29-May 6, China's prices of iron ore in both spot and futures markets declined for the third consecutive week, as steel mills were cautious in iron ore procurement amid the bearish market sentiment. In contrast, Chinese spot coke price strengthened over the same time period.
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Iron ore concentrate stocks held by the 186 Chinese mining companies under Mysteel's regular survey thinned to 2.8 million tonnes over April 22-May 5, falling by 130,600 tonnes or 4.5% on fortnight to reach their lowest level since last December. Chiefly responsible for the decline was the increase in buying among steelmakers and the easing of road transport controls introduced as part of COVID-19 lockdowns, market sources said.
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China's imported iron ore prices for seaborne cargoes and port stocks decreased on May 6, and trading in both markets cooled.
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Chinese steel export prices were largely stable both during and after the Labour Day holiday of April 30-May 4, market sources said, pointing out that export sales were rather quiet.
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Daily consumption of imported iron ore sintering fines among the 64 Chinese steel mills canvassed regularly by Mysteel increased to 558,000 tonnes/day over April 28-May 4, having edged up by 4,500 t/d on week after the prior week's decline, Mysteel's latest survey has found. These steelmakers' iron ore stocks also reversed down from a four-week rise, the data also show.
