company news about During February, China's 45 major ports under Mysteel's survey received a total of 91.3 million tonnes of iron ore, falling by 7% on month

During March, imported iron ore supply will remain in a seasonal low as iron ore deliveries from Australia and Brazil may be further affected by weather events, the report suggested.

During February, China's 45 major ports under Mysteel's survey received a total of 91.3 million tonnes of iron ore, falling by 7% on month.

As for iron ore demand, the report pointed out that steelmakers will need to lift their ore replenishment volumes this month, to feed blast furnaces in the process of being brought back online.

Daily hot metal output among the 247 Chinese steel mills under Mysteel's tracking has been growing since mid-January and by March 2 had reached 2.34 million tonnes/day, 3% higher on month, the latest survey showed. Average output may rise to around 2.37 million t/d this month, as reported.

Consequently, portside iron ore inventories will witness a further decline, which would give imported iron ore prices some support, the report highlighted.

In fact, total iron ore stocks at the 45 Chinese ports Mysteel surveys retreated to 140 million tonnes during February 24-March 2, down by 2.2 million tonnes or 1.6% on week after five consecutive weeks of gains, the latest survey showed.

Nevertheless, despite the improved market fundamentals China's imported iron ore prices will fluctuate widely during March, the report said.

Market sentiment regarding the pace of recovery in steel consumption will continue to impact spot and futures prices of iron ore, while the increase in actual steel demand may be lower than the market had expected, the report explained.

Also, it warned that uncertainties, such as the recent warning from the National Development and Reform Commission regarding iron ore market speculation, could cause prices to fluctuate.

China's imported iron ore prices witnessed some instability during February, due to wavering market sentiment, Mysteel Global noted. Last month, the lack of clarity about the strength and sustainability of the rebound in steel consumption had unsettled ore prices.

On February 28, Mysteel PORTDEX 62% Australian Fines in Qingdao reached Yuan 907/wmt FOT and including the 13% VAT, higher by Yuan 19/wmt ($2.7/wmt) on month, yet on the same day, Mysteel SEADEX 62% Australian Fines was at $124.25/dmt CFR Qingdao, down by $3.05/dmt on month.