As of February 1, inventory of iron ore at 33 major Chinese ports amounted to 92.61 million mt, down 1.92 million mt or 2.03 percent compared to the inventory level recorded on January 25, as announced by China's Xinhua News Agency on February 3.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 42 points, up one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 38 points on the date in question, also up one point week on week.
In the given week, imported iron ore prices in China indicated a rising trend with overall transaction activities being at decent levels. Currently, domestic finished steel prices are indicating stable movement ahead of the Chinese New Year holiday (February 8-14), while buyers are mostly maintaining a wait-and see stance towards the iron ore market. It is thought that imported iron ore prices in China will follow a stable trend in the coming period.