In the evening session this Monday (13), the most traded contract of iron ore in Dalian Exchange (DCE) The market closed sharply higher, up 1.26% at 763.5 yuan (US$111.75) per ton. Prices were supported by signs of increased demand. According to market data, iron ore inventories at major Chinese ports fell 0.16% in the week ending April 10. According to consultancy Mysteel, continued port destocking and increased hot metal production at Chinese steel mills continue to support prices. Furthermore, imported iron ore volume fell by 536,100 tons at 47 Chinese ports, reflecting disruptions in Australian supply, also according to Mysteel. Another supporting factor was the surge in oil prices above US$100 per barrel, following increased tensions in the Middle East. This escalation raises global logistics costs and tends to put pressure on maritime transport costs, providing additional support to iron ore prices.
This text was translated by machine from Brazilian Portuguese.