Firm iron ore restocking demand, macro factors support China's portside prices
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Update time : 2024-01-29 16:08:25
Despite a large discharge volume, sufficient supply, and ample stocks at Chinese ports, portside prices were supported in the week ended Jan. 26 by firm restocking demand from steel mills, along with macroeconomic factors, ahead of the Lunar New Year holidays, market sources said.
Platts assessed the 62% Fe IOPEX at Yuan 1,043/wmt FOT North China Jan. 26, up Yuan 28/wmt or 2.8% from Jan 17, S&P Global Commodity Insights data showed.
The Chinese iron ore market received a stimulus boost after the People's Bank of China announced a larger-than-expected cut in banks' reserve requirement ratio by 50 basis points on Jan. 24, in a bid to support its struggling economy and lift consumer confidence.
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