On January 24, inventory of iron ore at 33 major Chinese ports amounted to 145.62 million mt, down 1.37 percent compared to January 17, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices increased sharply amid the decreasing iron ore volumes arriving at Chinese ports. Ahead of the Chinese New Year holiday, steelmakers have been seeking to conclude purchases of iron ore. It is thought that import iron ore prices may move sideways in the coming week.