As of July 24, inventory of iron ore at 33 major Chinese ports amounted to 121.70 million mt, up 2.57 million mt or 2.16 percent compared to the inventory level recorded on July 17, 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 68 points, up three points compared to July 17. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 57 points on the date in question, also up three points over the same period.
During the given week, ferrous metals futures prices in China have indicated significant fluctuations, which have negatively affected the finished steel market. Although import iron ore prices have continued to increase, buyers have become more cautious as regards the prospects for the future trend of the iron ore market. It is thought that iron ore prices in the Chinese market will likely move sideways in the coming week.