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A large iron ore deposit has been discovered in northern China's Shanxi Province, with an estimated reserve of around 310 million tonnes, local authorities said Thursday.

The average China Iron Ore Price Index (CIOPI) rallied in February, according to the China Iron and Steel Association (CISA).

ferro-alloys.com:To get a boost from China, iron ore market is placing a great deal of confidence in them

Iron ore prices have fallen 8.6% over the past five trading sessions despite supply tightening due weather events crimping exports from key exporters Australia and Brazil, latest data showed Monday.

East China's Yantai port unloaded 317,000 tons of iron ores in 26 hours after a large-scale ship from Brazil berthed in the port on Feb 18.

ferro-alloys.com:Iron ore of China smashes 1-1/2-month high on supply distresses

ferro-alloys.com: Kumba 'has an arrangement' to safeguard impact of coronavirus on iron ore deals

Miner Rio Tinto has trimmed its 2020 iron ore shipments guidance from the Pilbara area of Western Australia by between 6 million mt and 9 million mt.