Iron ore inventories at 33 major Chinese ports rose 0.07% to 90.4Mt in the seven-day period ending Monday, according to a Xinhua-China iron ore price index report.

The TSI 62%-Fe iron ore benchmark on Monday was unchanged from the week beforeand closed at US$40.0/t, Xinhua said. But from December 11, when the spot price hit a record low of US$38.3/t, the price has now rallied 7.83%, reaching US$41.3/t overnight, news website Business Insider Australia reported on Tuesday, citing Metal Bulletin data.

The benchmark price has now rallied for seven sessions in a row, the longest run of gains seen since August 2013. But year-to-date it has fallen 42%, Business Insider Australia added.

According to the Xinhua report, performances of imported iron ores were mixed during the period of December 22-28.

“Prices of spot iron ores went up slightly due to tight supplies and most resources being held by large traders. By contrast, prices of ore forward contracts fell due to Western holidays,” Xinhua said.

“At present, domestic steel mills have been still cautious about purchases of raw materials. Despite short-term limited supplies on the domestic spot market, driving force for the ore remains soft. Therefore, it will be difficult for ore price to increase sharply in the near term,” Xinhua said, citing analysts.

Brazilian Exports

Exports of Brazilian iron ore to China through November increased 0.65% year-on-year to 155Mt, but revenue plunged 51.8% to US$5.20bn, Brazil’s foreign trade department Secex has said.

The revenue drop was mostly due to falling iron ore prices amid a supply glut on the international seaborne market.