BHP's Jimblebar Ore Stocks in China Reach Five-Month Low After Ban Lifted
Portside inventories of BHP's Jimblebar fines, a type of iron ore, in China have decreased to a five-month low following the lifting of a ban by Beijing. This ban, which had been in place for several months, restricted the purchase of certain BHP ore products, including Jimblebar fines, leading to an accumulation at ports. The removal of the ban in late April was expected to result in a rapid drawdown of these stocks, potentially affecting the prices of iron ore, a key ingredient in steelmaking. However, despite the reduction in inventory, prices have not been significantly impacted. As of May 12, stocks of Jimblebar fines at 15 major Chinese ports fell by 3.1% to 8.42 million tons, the lowest since late December. This inventory level is still nearly five times higher than it was last September. Some steel mills had switched to other iron ore products during the ban and are now readjusting their feedstock before purchasing more Jimblebar fines. 
