Iron ore futures edge higher following improved port capacity
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Update time : 2020-08-05 19:22:40
Iron ore futures closed higher at the Dalian Commodity Exchange on Tuesday.
The most active iron ore contract for September delivery gained 28.50 yuan ($4.10) to close at 890 yuan per ton on Tuesday. It climbed 1 yuan to close at 888 yuan per ton Wednesday.
On Wednesday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 887,359 lots, with a turnover of 75.45 billion yuan.
A month earlier, the Ministry of Transport and the National Development and Reform Commission jointly issued a document to improve 400,000-ton iron ore port layouts.
The document granted approval to four 400,000-ton-level iron ore ports to begin operations. Two of the ports are located in Rizhao, a city in East China's Shandong Province, one is located in Yantai, a city in Shandong, and the last is in Ningde, a city in South China's Fujian Province.
China previously granted approval for four sea ports to handle 400,000-ton-level iron ore vessels, namely Dalian Port, Tangshan Port, Qingdao Port and Ningbo-Zhoushan Port. 11 berths at eight ports are now permitted to unload 400,000-ton iron ore ships in China.
