On June 6, inventory of iron ore at 33 major Chinese ports amounted to 122.393 million mt, down 2.25 percent compared to May 30, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices edged up amid the declining trend of inventory levels, decreasing deliveries of iron ore to users and declining iron ore volumes arriving at Chinese ports.
Capacity utilization rates of blast furnaces in China have increased on week-on-week basis as cities including Shanghai and Shenzhen issued stimulus policies to boost economic development, resulting in improved demand for steel and exerting a positive impact on the iron ore market. It is thought that import iron ore prices in China may rise further in the coming week.