As of October 7, inventory of iron ore at 25 major Chinese ports amounted to 73.27 million mt, indicating an decrease of just 58,000 mt or 0.08 percent week on week, as announced by China's Xinhua News Agency.
As of the given date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 130 points, down two points compared to one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 120 points on October 7, down one point week on week.
In the remainder of the current year, the Chinese steel market is expected to remain sluggish amid oversupply, why buyers are likely to remain cautious as regards purchases of raw material.