On September 27, inventory of iron ore at 33 major Chinese ports amounted to 120.01 million mt, down 0.78 percent compared to September 13, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices have seen slight increases amid restocking by mills. But downstream steelmakers have already finished building up stocks of iron ore ahead of the long National Day holiday (October 1-7). Accordingly, it is expected that import iron ore prices may be under pressure in the near future.
The rising deliveries in the global market will exert additional pressure. The production restrictions in Hebei and Jiangsu provinces will continue to negatively affect the demand for iron ore, weakening the support for ore prices.