On October 12, inventory of iron ore at 33 major Chinese ports amounted to 104.17 million mt, up 3.67 million mt or 3.65 percent compared to September 28, as announced by China's Xinhua News Agency.
During the given period, import iron ore prices in China moved on a rebounding trend amid restocking after the holidays and the better outlook for steel demand in October. Meanwhile, iron ore supplies arriving at ports will likely remain at high levels in the near future. Capacity utilization rates of Chinese steelmakers’ blast furnaces edged up slightly. However, given the production restriction policy issued in Tangshan, demand for iron ore will likely be limited to some extent in the near future. It is thought that import iron ore prices in China will gradually move down.