As of June 2, inventory of
iron ore at 33 major Chinese ports amounted to 115.19 million mt, up 0.37 million mt or 0.32 percent compared to the inventory level recorded on May 26, 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 91 points, down seven points from one week earlier. 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 eight points week on week.
During the given week,
iron ore prices in
China indicated a more rapid decreasing movement compared to the previous week, with the Xinhua-
China Iron Ore Price Index for imported
iron ore with 62 percent iron content falling to a record low of 91 points. Sales activities for domestic production
iron ore have been going through a difficult period influenced by the ore's low cost-efficiency compared to imported
iron ore. Steelmakers are unwilling to purchase domestic production
iron ore, while supplies for imported
iron ore have been rising continuously, with decreases in prices of
iron ore with lower Fe content dragging down overall
iron ore prices. It is expected that
iron ore prices will continue their decreasing trend, with new record lows in the Xinhua-
China Iron ore Index likely to be seen in the future.