As of November 28, inventory of iron ore at 33 major Chinese ports amounted to 101.15 million mt, up 120,000 mt or 0.1 percent compared to the inventory level recorded on November 21, as announced by China's Xinhua News Agency on November 29.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 80 points, up eight points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 69 points on the date in question, up seven points week on week.
In the given week, imported iron ore prices in China indicated a rising trend due to significant increases in iron ore futures prices and finished steel prices. Meanwhile, overall iron ore transaction activity was at low levels and buyers mostly tended to purchase high grade iron ore in the market. At present, iron ore inventories are on the short side in China, which will provide support for iron ore prices in the spot market. It is thought that prices of imported iron ore in China will likely continue to indicate an upward trend in the coming period.