As of March 28, inventory of iron ore at 33 major Chinese ports amounted to 91.73 million mt, up 70,000 mt or 0.08 percent compared to the inventory level recorded on March 21, as announced by China's Xinhua News Agency on March 29.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 55 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 50 points on the date in question, also down two points week on week.
In the given week, overall imported iron ore prices in China indicated a slight downtrend after initial increases. At the start of the given week, imported iron ore prices indicated a rising trend and overall transaction activities were at decent levels in the spot market. However, towards the end of the week, imported iron ore prices started to decline due to decreases in iron ore futures prices. At present, due to fluctuations in the domestic finished steel market, buyers mostly hold a wait-and-see stance towards the iron ore market and this will likely exert some negative pressure on iron ore prices. It is expected that imported iron ore prices in China will just indicate slight fluctuations in the coming period.