As of February 10, inventory of
iron ore at 25 major Chinese ports amounted to 92.37 million mt, indicating a decline of 434,000 mt or 0.47 percent week on week, 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 123 points, down one point from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 112 points on the date in question, also down one point week on week.
In the given week, due to Chinese New Year holiday, transaction activity for imported
iron ore was very poor amid a scarcity of offers, while prices of imported
iron ore trended down in the Chinese market.
The influence of the Chinese New Year holiday on activity in the domestic
iron ore market is gradually diminishing, while transaction activity will be back to normal levels in the days after the Lantern Festival which takes place on Friday, February 14. In the meantime, with domestic steel mills resuming production and consuming their
iron ore inventory, it is expected that demand for
iron ore in
China will recover in the coming week.