As of May 12, inventory of
iron ore at 33 major Chinese ports amounted to 109.37 million mt, up 420,000 mt or 0.39 percent compared to the inventory level recorded on May 5, 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 103 points, down three points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 91 points on the date in question, also down three points week on week.
During the given week (May 6-12), imported
iron ore prices have seen a continuous downward movement. Currently, most steelmakers hold a pessimistic view of the prospects for the future market. Although steelmakers have been making some inquiries, actual transaction activity has remained at low levels, with purchases only being concluded in line with needs.
Due to high inventory in the domestic
iron ore market, demand for imported
iron ore has remained sluggish. It is expected that imported
iron ore prices will remain on a slight downtrend in the coming week.