As of June 29, inventory of iron ore at 33 major Chinese ports amounted to 78.01 million mt, down 0.82 million mt or 1.04 percent compared to the inventory level recorded on June 22, as announced by China's Xinhua News Agency on June 30.
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, remaining unchanged 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 remaining stable week on week.
During the given week, finished steel prices in the Chinese domestic market have continued their declining trend, though the decreasing movement slowed down compared to the previous week, while most steel products prices are now at 10-year lows. Meanwhile, although import iron ore prices received some support from the futures market at the beginning of the given week, they were also impacted by slack demand. At present, steelmakers have been finding it more difficult to make a profit, and this situation has also been contributing to the downward pressure on iron ore prices. It is expected that imported iron ore prices in the Chinese market will indicate a declining trend in the coming week as steelmakers will start carrying out maintenance work.