As of December 15, inventory of iron ore at 33 major Chinese ports amounted to 103.14 million mt, down 1.03 million mt or 0.99 percent compared to the inventory level recorded on December 8, 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 62 percent iron content was at 70 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 61 points on the date in question, down two points week on week.
During the given week, imported iron ore prices moved on a fluctuating trend, with significant fluctuations in the stock market in China impacting the commodity markets. Although iron ore futures at Dalian Commodity Exchange indicated a slight uptrend, there seems to be a lack of momentum for further upward movement. Imported iron ore prices at Chinese ports have seen a slight correction, while transaction activity for imported ore has been poor.
Currently, the domestic finished steel market is characterized by sluggish demand amid the current cold winter weather conditions. However, the latest data from the China Iron and Steel Association (CISA) shows that the main steelmakers in China have seen significant rises in their profits, which may provide some support for iron ore prices. It is thought that imported iron ore prices in the Chinese market will likely see slight corrections in the short term.