Iron ore inventory at Chinese ports indicates minor decline

As of September 9, inventory of iron ore at 25 major Chinese ports amounted to 74.268 million mt, indicating an decrease of 490,000 mt or 0.66 percent week on week, as announced by China's Xinhua News Agency on September 10.
 
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 136 points, down one point compared to one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 126 points on the given date, down two points week on week.
 
In the given week, activity in the Chinese iron ore import market has been moderate. Although domestic steel mills remain cautious as regards purchases, traders are unwilling to give ground on prices, and this situation results in lower activity. Overall, an wait-and-see atmosphere prevails in the market.
 
The anticipated strengthening of demand for steel has not yet appeared in the Chinese market although the traditional peak season has arrived. Iron ore inventories at China's ports have remained at a low level for the time being. It is thought that the Chinese iron ore import market will maintain a slight downtrend in the coming week.