As of November 24, inventory of iron ore at 33 major Chinese ports amounted to 105.91 million mt, up 820,000 mt or 0.78 percent compared to the inventory level recorded on November 17, 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 71 points, down five points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 63 points on the date in question, also down five points week on week.
During the given week, iron ore prices have indicated a significant downtrend, falling to their lowest levels in the current year. Iron ore futures prices have also seen sharp declines, exerting a negative impact on iron ore prices in the spot market. Currently, domestic steelmakers mostly hold a pessimistic view of the future prospects for both the finished steel and iron ore markets, and so they have been reluctant to conclude purchases, buying only in line with their needs. It is expected that iron ore prices in the Chinese market will continue to move down in the coming week.