How did iron ore close last week in China?

Shanghai rebar futures were soft on Friday, while iron ore prices saw a slight increase. 

Inventories of imported iron ore sintering powder at 64 factories in China rose 2.8 percent to 8.9 million tons in the week ended August 9. However, despite this, it was recorded at a 29% lower level than in 2022.

Some steel mills in South China received large quantities of seaborne cargoes during this period, resulting in sufficient stocks to last them for 15 days at their current consumption rate.

In addition, Rio Tinto and its consortium partners have reached an agreement with the Guinea government for the development of a crucial rail line to build the world’s largest untapped iron ore deposit. Rio Tinto, Guinea, and the Winning Consortium Simandou, which includes Chinese and Singaporean companies, will collaborate on developing the 600 kilometers of rail lines necessary to transport the iron ore to the port.