As of April 15, inventory of iron ore at 25 major Chinese ports amounted to 70.53 million mt, indicating a decrease of 2.45 million mt or 3.36 percent on week-on-week basis, as announced by China's Xinhua News Agency.
As of April 15, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 141 points, up five points week on week, Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 124 points on the given date, up five points week on week.
The previous downtrend in the Chinese iron ore import market has come to a halt. In the early days of last week, Chinese iron ore import prices indicated increases, while at the end of last week, the Chinese iron ore import market witnessed a sideways trend.
Meanwhile, the increase in iron ore spot prices at Chinese ports was supported by the increases in semi-finished steel prices and in rebar futures as well as by the higher offer prices in tenders held by overseas miners for their iron ore inventories at Chinese ports.
Chinese mills have maintained their strategy of keeping iron ore inventory at low levels, to some extent contributing to lower iron ore inventory at Chinese ports.
Although the Chinese mills have been maintaining a conservative and cautious approach, they may increase iron ore procurement in the future as increases in crude steel production have resulted in the rapid consumption of raw material inventories.
It is thought that iron ore prices in China will likely maintain a sideways trend with some minor fluctuations in the coming days, while a rebound is likely to be seen in the Chinese iron ore import market in the near future .