As of June 16, inventory of
iron ore at 33 major Chinese ports amounted to 114.60 million mt, down by just 0.11 million mt or 0.09 percent compared to the inventory level recorded on June 9, as announced by
China's Xinhua News Agency on June 17.
As of the same date, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 62 percent iron content was at 91 points, down three points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 73 points on the date in question, down four points week on week.
During the given week, imported
iron ore prices in
China continued to decrease amid poor transaction activity. Against a backdrop of declining
iron ore futures prices,
iron ore prices at Chinese ports have fallen to their lowest levels of the current year. Although prices of domestic production
iron ore have also declined, their downward movement has been slower, with most producers maintaining a wait-and-see stance as regards purchases of domestic ore. In general, steelmakers are unwilling to replenish inventories due to tightness of liquidity. It is expected that imported
iron ore prices in
China will decline at a slower pace in the short term.