Iron ore inventory edges up at Chinese ports
As of December 14, inventory of iron ore at 33 major Chinese ports amounted to 88.06 million mt, up 1.49 million mt or 1.7 percent compared to the inventory level recorded on December 7, as announced by China’s Xinhua News Agency on December 15.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 38 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 34 points on the date in question, also down two points week on week.
In the given week, imported iron ore prices in China continued to indicate an overall declining trend as most traders were selling off iron ore in the spot market.
Currently, with sluggishness prevailing in China’s domestic finished steel market and environmental policies being implemented in northern China given smoggy weather conditions, most steel enterprises have reduced production in Shanxi Province. It is thought that imported iron ore prices in China will likely fluctuate within a limited range in the coming period.