As of February 24, inventory of
iron ore at 25 major Chinese ports amounted to 100.34 million mt, indicating an increase of 0.41 million mt or 0.41 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 120 points, down two points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 108 points on the date in question, down two points week on week.
In the given week, prices of imported
iron ore in the Chinese market indicated a slight rebound at the beginning of the week, influenced by the uptrend in the Chinese semi-finished steel market. However, the upward movement stopped and prices declined to their previous levels in the middle of the given week amid insufficient transaction activity in the market. Inventory of
iron ore at Chinese ports has climbed above 100 million mt once more due to the sluggish activity. Overall, it is thought that import
iron ore prices in
China will likely trend down in the coming week.