As of November 10, inventory of iron ore at 33 major Chinese ports amounted to 104.63 million mt, up 1.19 million mt or 1.15 percent compared to the inventory level recorded on November 3, 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 76 points, down three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 68 points on the date in question, also down three points week on week.
During the given week, against the backdrop of the Asia-Pacific Economic Cooperation (APEC) meeting held in Beijing, steelmakers around Beijing have been required to cut production to ensure good environmental conditions during the period of the meeting, contributing to reduced demand for iron ore and declines in iron ore prices. In particular, prices of imported fine iron ore have continued their decreasing trend, though prices of imported lump ore have followed a rising trend due to strong demand for such ore.
As for the short-term prospects, demand for iron ore, especially for fine ores, is generally expected to be slack, which will drag down fine ore prices. However, prices of imported iron ore are unlikely to see sharp declines in the coming week as some inventory replenishments by steelmakers will be seen starting from mid-November.