As of June 22, inventory of
iron ore at 33 major Chinese ports amounted to 78.83 million mt, down 1.41 million mt or 1.56 percent compared to the inventory level recorded on June 15, as announced by
China's Xinhua News Agency on June 23.
As of the same date, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 62 percent iron content was at 61 points, down four points week on week. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported
iron ore with 58 percent iron content was at 55 points on the date in question, also decreasing by four points week on week.
During the given week, imported
iron ore prices in
China have decreased amid the softness of domestic finished steel prices and declines in
iron ore futures prices at Dalian Commodities Exchange. Chinese steelmakers have mostly been cautious about purchasing
iron ore, resulting in slack transaction activity in the given week.
It is thought that finished steel prices in
China will likely bottom up in the short term, which would provide a certain degree of support for prices of imported
iron ore. However, steelmakers expect ore prices to decline further. It is thought that imported
iron ore prices will fluctuate on a slightly soft trend in the coming week.