On March 28, inventory of iron ore at 33 major Chinese ports amounted to 145.12 million mt, up 0.64 percent compared to March 21, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices edged up amid slightly higher inventory levels, increasing iron ore volumes arriving at ports and declining deliveries of iron ore to end-users.
Currently, steelmakers’ capacity utilization rates and outputs have increased and they may rise further in the near future, which will bolster demand for iron ore and provide support for prices. However, the worsening of the Covid-19 pandemic in many regions in China will exert a negative impact on steelmakers’ production, though supplies of iron ore may also be negatively affected. Some steelmakers will build up iron ore stocks amid concerns caused by the Covid-19 pandemic. It is thought that import iron ore prices may increase in the coming week.