On June 22, inventory of iron ore at 33 major Chinese ports amounted to 89.58 million mt, down 2.24 million mt or 2.44 percent compared to June 15, as announced by China's Xinhua News Agency.
During the June 16-22 period, import iron ore prices in China edged down slightly amid lower demand from downstream users.
The ban on production at Vale’s Itabira mine has been lifted, which will result in increased iron ore supply in the future and exert a negative impact on prices in the iron ore market. Due to the rainy weather and floods in China, the country’s demand for iron ore will slacken amid the approaching traditional offseason.