Iron ore inventory trends up at Chinese ports

As of January 13, inventory of iron ore at 25 major Chinese ports amounted to 88.57 million mt, indicating an increase of 3.14 million mt or 3.68 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 132 points, down three points from one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 119 points on the date in question, also down three points week on week.
 
In the given week, a slight downward price movement was witnessed in China's import iron ore market amid moderate transaction activity. Market players have also been ready to agree on lower prices in order to bring in funds. Meanwhile, some traders have already withdrawn from the market ahead of the Spring Festival holiday (starts end of January). It is thought that import iron ore prices in China will continue to indicate minor downticks in the coming week.