As of March 17, inventory of
iron ore at 25 major Chinese ports amounted to 105.69 million mt, indicating an increase of 2.48 million mt or 2.4 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 109 points, down four points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 99 points on the date in question, down three points week on week.
In the given week, prices of imported
iron ore moved down during the first part of the week but then started to indicate a recovery, while transaction activity has increased, providing some support for transaction prices. However, steel mills are cautious about placing orders for
iron ore and this will likely limit any increases in
iron ore prices. In addition, rising
iron ore inventories at Chinese ports and pressures on steel mills due to tightness of funds are also likely to restrict the upward movement of
iron ore prices. It is thought that prices of imported
iron ore in the Chinese market will indicate some upward movement in the days ahead.