As of September 1, inventory of iron ore at 33 major Chinese ports amounted to 109.36 million mt, up 20,000 mt or 0.018 percent compared to the inventory level recorded on August 25, as announced by China's Xinhua News Agency on September 1.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 88 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 76 points on the date in question, down three points week on week.
During the given week, iron ore prices indicated an overall downtrend, especially for imported iron ore, while domestic production iron ore prices saw a slight downward movement. Finished steel prices will likely indicate further declines amid tightness of liquidity on the traders' side. Considering that steelmakers' inventory levels of raw materials are low, it is expected that they will build up their iron ore inventories in the coming period. However, at the same time, overseas miners have expanded their production capacities. It is expected that imported iron ore prices will continue to move down in the coming week.