As of January 5, 2015, inventory of iron ore at 33 major Chinese ports amounted to 96.64 million mt, down 0.79 million mt or 0.81 percent compared to the inventory level recorded on December 29, as announced by China's Xinhua News Agency.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 71 points, up three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 63 points on the date in question, also up three points week on week.
During the given week, imported iron ore prices indicated significant increases as transaction activity showed some improvement after the price declines seen in previous weeks. Meanwhile, iron ore futures prices at Dalian Commodity Exchange have risen sharply, exerting a positive impact on the spot market. Some steelmakers have replenished their inventories, resulting in declines in iron ore inventory at Chinese ports. Moreover, some traders hold a optimistic view of the future prospects for the market and so they have been unwilling to sell at low prices. As for the Chinese domestic finished steel market, some products which had recorded sharp declines in the previous period have seen slight rebounds. It is expected that imported iron ore prices will likely continue their increasing trend in the coming week, though at a slow pace.