As of March 19, inventory of iron ore at 25 major Chinese ports amounted to 74.32 million mt, down 2.06 million mt or 2.7 percent on week-on-week basis, as announced by China’s Xinhua News Agency.
As of March 19, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 130 points, down 15 points week on week, Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 114 points on the given date, also down 12 points week on week.
Economists at Xinhua News Agency state that Chinese iron ore import prices are likely to decrease further, though not very sharply, due to weak demand on the downstream side, the lack of confidence of traders, and the desire of steel mills to purchase at lower prices.