On February 28, inventory of iron ore at 33 major Chinese ports amounted to 148.56 million mt, down 1.12 percent compared to February 21, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices moved sideways amid the decreasing iron ore volumes arriving at Chinese ports and rising deliveries of iron ore to buyers. Meanwhile, steelmakers have resumed production gradually, which has bolstered demand for iron ore. Since the Chinese government has been paying close attention to import iron ore prices, traders whose inventories at ports were at high levels have cut their inventories, resulting in the decrease in inventories at ports. It is expected that import iron ore prices in China may rise slightly in the coming week as steelmakers will speed up production.