As of November 16, inventory of iron ore at 33 major Chinese ports amounted to 84.10 million mt, down 560,000 mt or 0.66 percent compared to the inventory level recorded on November 9, as announced by China's Xinhua News Agency on November 17.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 47 points, remaining stable week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 43 points on the date in question, also remaining stable week on week.
In the given week, overall imported iron ore prices indicated a slight declining trend due to slack demand. In addition, miners have increased iron ore shipments to the spot market despite the declining trend in the domestic finished steel market, which exerted negative pressure on iron ore prices.
With China’s domestic finished steel prices softening further, the seasonal reduction of domestic steel production is expected to increase in the coming period, whereas the major global iron ore miners are continuing their production as usual. It is thought that imported iron ore prices in China will likely move on a declining trend in the coming period amid the oversupply in the market.