As of July 13, inventory of iron ore at 33 major Chinese ports amounted to 77.92 million mt, down 450,000 mt or 0.57 percent compared to the inventory level recorded on July 6, 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 49 points, down six points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 44 points on the date in question, down seven points week on week.
In the first half of the given week, amid ongoing declines in China’s domestic finished steel prices and the considerable decreases in the stock and futures markets, imported iron ore prices in China indicated sharper declines compared to the previous week. However, towards the end of the week, imported iron ore prices started to rebound due to the recovery observed in the domestic stock and futures markets. It is expected that the iron ore market will continue its downward movement in the coming week against the background of slack demand for finished steel and the strong pressure on steelmakers’ margins.