On June 7, inventory of iron ore at 33 major Chinese ports amounted to 116.98 million mt, down 680,000 mt or 0.58 percent compared to May 31, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices increased amid declining deliveries in the global market, especially from Australia and Brazil, and less iron ore arriving in the market. The capacity utilization rates on blast furnaces and converters decreased slightly, while Chinese steel output may decline in the near future due to the approaching traditional offseason, which will reduce demand for iron ore. It is thought that import iron ore prices may edge down in the coming week, though attention needs to be paid to potential risks from speculation by market players.