As of July 21, inventory of iron ore at 33 major Chinese ports amounted to 114.27 million mt, up 0.55 million mt or 0.48 percent compared to the inventory level recorded on July 14, as announced by China's Xinhua News Agency on July 22.
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 80 points on the date in question, up one point compared with last week.
Imported iron ore prices indicated slight rises at the beginning of last week, while corrections in prices were seen amid increased arrivals at the ports later in the week. China domestic production iron ore prices have been stable. Overall transaction activity for iron ore in China has been on the quiet side amid limited purchases by steelmakers.
Although the latest data point to signs of stabilization in the Chinese economy, supply pressure in the steel industry is still high against a backdrop of tight liquidity. With Chinese steelmakers mostly concluding purchases in line with their needs instead of building up their inventories, imported iron ore prices are just expected to fluctuate within a limited range in the coming period.