As of May 11, inventory of iron ore at 33 major Chinese ports amounted to 87.54 million mt, down 4.90 million mt or 5.3 percent compared to the inventory level recorded on May 4, as announced by China's Xinhua News Agency on May 12.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 61 points, up five points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 55 points on the date in question, increasing by five points week on week.
During the given week, imported iron ore prices indicated a rising trend first before switching to a stable trend later, with some traders have been focusing on sales of their stocks of imported iron ore, resulting in increased transaction activity. China's central bank cut benchmark interest rates as of May 11, exerting a positive impact on the iron ore market. It is thought that imported iron ore prices will likely indicate a slight uptrend in the coming week.