China’s Iron Ore price index rises in February


BEIJING (Scrap Register): The average China Iron Ore Price Index (CIOPI) rallied in February, according to the China Iron and Steel Association (CISA).

The CIOPI at the end of February gained 11.93 points from the beginning of the month, or up 3.99 percent, to 311.3 points, according to the CISA, Xinhua news agency reported.

In breakdown, the price index for domestically produced iron ore dipped 0.17 percent to 324.85 points, while the price index for imported iron ore went up 4.85 percent to 308.74 points during the period.

Imported iron ore stocks at domestic ports amounted to 122 million tonnes at the end of February, down 1.48 percent from a month earlier, according to the CISA.

The downstream industries have resumed production since late February. However, the CISA expected the price of iron ore to continue to decline as the market saw a sluggish start for steel demand.

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