As of October 10, inventory of iron ore at 33 major Chinese ports amounted to 95.91 million mt, up 2.16 million mt or 2.3 percent compared to the inventory level recorded on September 26, 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 56 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 48 points on the date in question, remaining stable week on week.
In the period from September 27 to October 10 (which included the National Day Holiday(Oct. 1-7)), overall imported iron ore prices in China indicated slight fluctuations. In the first part of the given period, imported iron ore prices indicated a slight rising trend due to the newly-promulgated Road Traffic Management Regulations and increases in freight charges. Traders have stepped up their purchases of iron ore to replenish their stocks, providing support for iron ore prices in the spot market. Towards the latter part of the give period, buyers mostly held a wait-and-see stance towards the market and iron ore prices mainly moved on a stable trend amid slack activity.
Iron ore futures prices have lately indicated some increases, which will provide support for iron ore prices in the spot market. Meanwhile, as it is now the peak season for steel consumption, steel enterprises will increase their purchases and market participants are mostly optimistic on the prospects for the iron ore market. It is thought that prices of imported iron ore in China will likely indicate a stable trend or a slight upward movement in the coming period.