On June 29, inventory of iron ore at 33 major Chinese ports amounted to 90.56 million mt, up 0.98 million mt or 1.09 percent compared to June 22, as announced by China's Xinhua News Agency.
During the June 23-29 period, import iron ore prices in China edged down slightly amid the increasing shipments from miners and slack demand from downstream users due to the influence of rainy weather conditions and floods.
Currently, iron ore inventory is at relatively low levels and so some steelmakers have been willing to build up stocks, which will bolster iron ore prices. However, the traditional summer offseason will negatively affect demand for iron ore, which will weaken support for iron ore prices. It is thought that iron ore prices will edge down slightly in the coming period.