On February 1, inventory of iron ore at 33 major Chinese ports amounted to 107.19 million mt, up 430,000 mt or 0.4 percent compared to January 25, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices edged down amid slack demand, though iron ore shipments declined and there was less iron ore arriving at Chinese ports. Since steelmakers’ profitability has shrunk, they will likely reduce their capacity utilization rates, which will exert a negative impact on demand for iron ore. At the same time, due to the approach of the Chinese New Year holiday, demand for steel will be sluggish, also negatively affecting iron ore prices in the coming period.