As of May 23, inventory of iron ore at 33 major Chinese ports amounted to 95.61 million mt, up 2.04 million mt or 2.18 percent compared to the inventory level recorded on May 16, 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 55 points, up two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 47 points on the date in question, also up two points week on week.
In the given week, imported iron ore prices in China indicated a net decrease compared to the previous week. In the first part of the given week, imported iron ore prices indicated a slight uptrend due to increases in iron ore futures prices and so transaction activity in the overall market improved and was at decent levels. However, in the latter part of the given week imported iron ore prices started to decline in the spot market due to the downtrend in domestic finished steel prices. Chinese demand for iron ore will likely continue to remain stable at relatively high levels. It is thought that imported iron ore prices in China will follow a stable trend in the coming period.