As of October 13, inventory of iron ore at 33 major Chinese ports amounted to 104.87 million mt, down 2.75 million mt or 2.6 percent compared to the inventory level recorded on September 29, 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 80 points, up one point compared to two weeks earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 70 points on the date in question, also up one point compared to two weeks earlier.
During the past two weeks, prices of imported iron ore in China have moved on a slight rising trend. During the National Day Holiday period (October 1-7), prices of semi-finished steel and finished steel in China indicated a slight uptrend, showing a positive influence on imported iron ore prices after the holiday. However, market participants mostly hold a pessimistic view of the prospects for the iron ore market in the coming period as steelmakers' profit margins are tight and they are exerting pressure to reduce their costs. It is expected that prices of imported iron ore in China will move sideways in the coming week.