As of November 9, inventory of iron ore at 33 major Chinese ports amounted to 84.66 million mt, up 2.42 million mt or 2.94 percent compared to the inventory level recorded on November 2, as announced by China's Xinhua News Agency on November 10.
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, down two points 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 down two points week on week.
In the given week, imported iron ore prices continued to move on a declining trend due to slack demand amid oversupply in the China’s domestic market. Currently, with increases seen in iron ore inventories at Chinese ports, most buyers are maintaining a wait-and-see stance towards the spot market. It is thought that imported iron ore prices in China will likely follow a downward trend in the coming period.