As of June 8, inventory of iron ore at 33 major Chinese ports amounted to 81.54 million mt, down 2.2 million mt or 2.63 percent compared to the inventory level recorded on June 1, as announced by China's Xinhua News Agency on June 9.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 64 points, up three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 58 points on the date in question, increasing by three points week on week.
During the given week, due to insufficient supply at Chinese ports, imported iron ore prices have seen significant increases. Some traders who have sufficient funds have been eager to purchase iron ore, providing support for prices of imported ore. Meanwhile, iron ore futures prices at Dalian Commodity Exchange (DCE) indicated a sharp rise on June 8, exerting a positive impact on the imported iron ore market. However, since finished steel prices have been characterized by softness, prices of imported iron ore will likely see a correction in the short term. Taking into consideration the coming off-season for finished steel in the summer, it is expected that imported iron ore prices will indicate a downward movement after the current rebound.