Iron ore prices continued rising on Monday despite another (small) rise in portside stocks at China’s top 45 ports last week.
The SGC trading platform saw the price of 62% Fe fines settle at $US112.35 a tonne, up 1.2% on the day from Friday and the highest for five weeks.
Mysteel said stocks rose by several hundred thousand tonnes last week "due to the surge in ore carrier arrivals at ports.”
That saw stocks rise for a 16th consecutive week to a total of 144.9 million tonnes by April 11.
Mysteel said that was also up 10% from the same week in 2023.
The rise in the value of the US dollar had no impact on iron ore prices.
Mysteel reckons iron ore prices will benefit from slowly firming demand from steelmakers who are starting to see improved margins.
