Iron Ore News For Today

China inventories reaching record high can be taken as a alarm bell for the already derailed prices of Iron ore in the world. The Chinese inventories of Iron ore in major 30 ports reached 97.92 million tonnes as per latest media reports.

This is a record high of stocks lying on the ports. Even after such an elevated level of stocks, Chinese imports have remained robust. The country imported 58.32 million tonnes of Iron ore in June 2012, which was 14% up from last year levels of 51.09 million tonnes.

Though the imports dipped on a monthly basis but that was only marginally from 63.84 million tonnes in May 2012. Prices of Iron ore dipped to $ 134 per tonne in June this year compared to $ 147 per tonne in April 2012. [ Via ]

Posted in: commodity news,market news,trading news