On May 30, inventory of iron ore at 33 major Chinese ports amounted to 125.204 million mt, down 4.16 percent compared to May 23, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices fluctuated within a limited range amid the decreasing trend of inventory levels, rising deliveries of iron ore to users, and increasing iron ore volumes arriving at ports.
Capacity utilization rates of Chinese blast furnaces have risen week on week, though Chinese steelmakers are now considering reducing outputs, which will exert a negative impact on the demand for iron ore. Heavy rainfall may hit southern China in the near future, which will negatively affect construction activities and reduce demand for steel. It is thought that import iron ore prices may edge down in the coming week.