As of June 17, inventory of iron ore at 25 major Chinese ports amounted to 74.66 million mt, indicating an increase of 230,000 mt or 0.31 percent compared to June 3, 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 63.5 percent iron content was at 112 points, up one point compared to two weeks ago. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 98 points on the given date, up two points compared to two weeks ago.
According to Xinhua News Agency, at the beginning of the past two weeks the Chinese import iron ore market indicated a slight rebound, while market activity was limited. In the working days after last week's Dragon Boat Festival Holiday (June 10-12), the Chinese import iron ore market generally maintained a sideways trend, though with some fluctuations in prices of certain iron ore grades.
Following the sideways trend seen at the end of last week, Chinese iron ore import prices appear to have hit the bottom. Traders are seeking to maintain current price levels or to raise their prices; however, little improvement has been witnessed in terms of market activity. Currently, the Chinese finished steel market is still characterized by sluggishness, while Chinese mills are reluctant to restock and are maintaining a cautious stance. Most Chinese mills have been putting downward pressure on prices, weakening the confidence of traders. It is thought that the Chinese iron ore import market will indicate a sideways trend in the coming days.