Dalian iron ore futures extended gains for a fourth session in a row on Thursday, supported by improved steel margins, production resuming and the persistently low inventory at Chinese steel mills.
A survey of 114 mills showed the inventory of imported sintered ore fell for a third consecutive week, including a near 1% week-on-week decline to 24.19 million tonnes as of May 18, according to consultancy Mysteel.
That brings the total decline in inventories since late April to 7.6%, according to Reuters calculation based on Mysteel data.
Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.