During the week ended 17 May 2019, iron ore inventory levels in Chinese ports sank for the sixth consecutive week to 124mn tons. Tropical cyclone in Australia and a dam burst at a Vale-owned iron ore mine in Brazil ushered the Chinese inventory to its lowest level since September 2017. These two incidents drove steel producers to accelerate stockpiling of iron ore, sending iron ore prices to a 5-year high of c.USD101/ton last Thursday.
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