On September 7, inventory of iron ore at 33 major Chinese ports amounted to 97.25 million mt, up 1.12 million mt or 1.17 percent compared to August 31, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices edged up amid still firm demand and the good outlook for steel demand in the September-October period in China. Overall shipments, especially from Brazil, increased. Meanwhile, capacity utilization rates of steelmakers’ blast furnaces decreased slightly amid strict environmental protection measures in northern China, while steelmakers have still been eager to produce, which will bolster the demand for iron ore in the near future. The unloading of ships at Chinese ports has improved, which may exert some pressure on prices of iron ore in the coming week.