As of July 14, inventory of iron ore at 33 major Chinese ports amounted to 113.72 million mt, down 1.05 million mt or 0.91 percent compared to the inventory level recorded on July 7, as announced by China's Xinhua News Agency on July 15.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 96 points, remaining unchanged week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 79 points on the date in question, also remaining in line with last week.
During the given week, imported iron ore prices have indicated some fluctuations on an overall stable trend, though some upticks have also been seen. Since iron ore futures prices have followed a stable trend, the rising trend of iron ore prices at ports has been restricted. Meanwhile, steelmakers mostly hold a wait-and-see stance, with some traders raising their offer prices slightly, though price rises have not been accepted by the market, contributing to slow transaction activity. At the same time, domestic production iron ore prices have moved on a stable trend, while transaction activity for domestic material has also been quiet. It is expected that imported iron ore prices will move sideways as more imported iron ore will arrive at the ports, resulting in increased iron ore supply volumes and limiting any upticks in iron ore prices.