Iron ore inventory trends down at Chinese ports

As of December 31, inventory of iron ore at 25 major Chinese ports amounted to 84.197 million mt, indicating a decrease of 1.206 million mt or 1.41 percent week on week, 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 133 points, unchanged from one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 120 points on the date in question, also neutral week on week.
 
In the given week, the downward price movement in China's imported iron ore market has halted and been replaced by sideways movement. Meanwhile, buyers and sellers have maintained a wait-and-see stance, while transaction activity has been slack. The rebound of prices in the iron ore futures market has contributed to the stable trend of spot prices for imported iron ore. Chinese steel mills have not been so active in concluding purchases due to the relative tightness of liquidity at the end of the year. Overall, in the coming week the Chinese imported iron ore market is expected to move on a stable trend.