Iron ore inventory increases at Chinese ports

As of May 22, inventory of iron ore at 33 major Chinese ports amounted to 116.63 million mt, up 1.96 million mt or 1.71 percent compared to the inventory level recorded on May 15, 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 63 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 53 points on the date in question, also increasing by two points week on week.

In the given week, the overall upward movement of the domestic finished steel market has had a positive impact on iron ore prices. Demand from downstream users has improved. It is thought that prices of imported iron ore in China will be characterized by fluctuations in the coming period.