Iron ore inventory edges down at Chinese ports

Wednesday, 18 May 2016 10:21:52 (GMT+3)   |   Shanghai
       

As of May 16, inventory of iron ore at 33 major Chinese ports amounted to 93.57 million mt, down 870,000 mt or 0.92 percent compared to the inventory level recorded on May 9, 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 53 points, down five points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 45 points on the date in question, also down five points week on week.

In the given week, imported iron ore prices in China indicated a declining trend and overall transaction activities were at low levels. At present, with sufficient iron ore inventory held by domestic steel enterprises, buyers have mostly been maintaining a wait-and-see stance towards the iron ore market, and this will likely exert some downward pressure on iron ore prices. It is thought that imported iron ore prices in China will follow a downward trend in the coming period.


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