The iron ore price rose on Monday as tighter supply helped alleviate some pressure on prices.
The total iron ore stocks at 45 major ports in China were at 122.9 million metric tons last week, or down 1.6 million metric tons for the week ended August 3, Mysteel said in a port survey last Friday.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $104.49 a tonne Monday morning, up 1.48%.
China’s consumers and companies are tying up trillions of yuan in longer-dated deposits with banks, effectively taking a vast pool of money out of circulation and risking the kind of liquidity trap that hobbled Japan’s economy in the 1990s.
China’s Zhengzhou city last Friday launched measures to support its property market, the first of such moves by a big city heeding signals from policymakers and the latest in a series of policy measures in recent weeks to support the economy as its post-pandemic recovery falters.
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