As of December 12, inventory of iron ore at 33 major Chinese ports amounted to 102.04 million mt, down 50,000 mt or 0.05 percent compared to the inventory level recorded on December 5, 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 81 points, up three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 71 points on the date in question, also up three points week on week.
In the given week, imported iron ore prices in China indicated upward movement on the back of significant increases in iron ore futures prices. At present, sentiment among traders is mostly positive as regards the future prospects for the market and so they are reluctant to sell at low prices.
Meanwhile, iron ore inventories in China are on the low side, which will exert a positive impact on imported iron ore prices in the spot market. It is thought that prices of imported iron ore in China will likely indicate a rising trend in the coming period.