As of January 29, inventory of
iron ore at 25 major Chinese ports amounted to 92.804 million mt, indicating an increase of 1.124 million mt or 1.23 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 124 points, down five points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 113 points on the date in question, down four points week on week.
In the given week, the prices of imported
iron ore declined in the Chinese market. With the approach of the Spring Festival holiday (starts Jan. 31), trading activity in the import
iron ore market has mostly dried up. To avoid risks, mills and traders are reluctant to conclude deals and prefer to stand back and adopt a wait-and-see stance for now. Market players have stated that ongoing increases in inventories at ports will have a negative impact on the prices of imported
iron ore. On the other hand, the imbalance between supply and demand is expected to increase in the future with
iron ore production from mines expanding, while demand in the downstream market has continued to weaken. Overall, it is thought that import
iron ore prices in
China will continue to trend down due to slack demand.