Xinhua News Agency, China's main news agency, officially launched the Xinhua-China Iron Ore Price Index on March 12. The new index will indicate the price dynamics in the Chinese iron ore import market and the iron ore inventory levels at China's ports.
The index shows that as of March 11 the iron ore inventory at 25 main Chinese ports totaled 91.26 million mt, down 4.03 million mt or 4.2 percent from the previous week. Meanwhile, the price index for imported 63.5 percent grade iron ore stood at 176 points, down two points week on week, while the index for imported 58 percent grade iron ore was at 138 points, also down two points week on week.