Iron ore inventory edges up at Chinese ports
As of March 7, inventory of iron ore at 33 major Chinese ports amounted to 92.99 million mt, up 870,000 mt or 0.9 percent compared to the inventory level recorded on February 29, as announced by China’s Xinhua News Agency on March 8.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 53 points, up four points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 48 points on the date in question, also up four points week on week.
In the given week, imported iron ore prices in China indicated a rising trend, with overall transaction activities at decent levels. Domestic finished steel prices have indicated fluctuations and participants in the iron ore market have mostly been maintaining a wait-and-see stance as regards the future trend of the finished steel market, and this will likely exert negative pressure on iron ore prices. It is thought that imported iron ore prices in China will likely indicate a stable trend in the coming period.