On August 30, inventory of iron ore at 33 major Chinese ports amounted to 120.16 million mt, up 1.29 percent compared to August 23, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices increased sharply after falling to their lowest level since November 2020. However, the rising deliveries in the global iron ore market may result in rising availability of iron ore in the market in the near future. Both capacity utilization rates and outputs of blast furnaces in China have decreased, adding to the negative sentiments. Since China aims to reduce steel output, its production restrictions will continue, and so steelmakers have preferred to keep low levels of inventory.