As of March 4, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 151 points, down five points week on week, as announced by China’s Xinhua News Agency. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 132 points on the given date, down six points week on week.
As of March 4, the inventory of iron ore at Chinese ports amounted to 76.87 million mt, down 680,000 mt or 0.87 percent as compared to the previous week.
The Chinese iron ore import market currently indicates a downward trend. Spot iron ore prices have witnessed a decline against the background of the weak iron ore futures market. Meanwhile, spot iron ore deliveries for China are welcomed by domestic buyers because of concerns over supplies from Australia due to the impact of Cyclone Rusty.
Economists from Xinhua state that the Chinese domestic steel market is expected to recover gradually in March. Meanwhile, Chinese mills are also maintaining high production rates. With the restart of export operations at the Australian ports of Hedland and Dampier, China is likely to witness strong iron ore import activity in the short term.