As of January 18, inventory of iron ore at 33 major Chinese ports amounted to 93.63 million mt, up 1.76 million mt or 1.92 percent compared to the inventory level recorded on January 11, as announced by China's Xinhua News Agency on January 20.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 40 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 36 points on the date in question, also down one point week on week.
In the given week, imported iron ore prices in China continued to indicate a declining trend against the backdrop of the increasing inventories at ports, causing prices to decline. Finished steel prices have indicated upward movement, which will likely provide some support for iron ore prices. It is thought that imported iron ore prices in China will follow a rising trend in the coming period.