On August 23, inventory of iron ore at 33 major Chinese ports amounted to 118.62 million mt, up 1.57 percent compared to August 16, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices decreased sharply amid much weaker sentiments as futures prices fell and the demand outlook was negative. Capacity utilization rates and outputs at blast furnaces in China decreased slightly. Steelmakers have been unwilling to conclude purchases of iron ore due to the weak performances of the real estate and manufacturing industries, while production restrictions are expected to continue up to the end of the year. The inventory of iron ore at Chinese ports increased slightly in the given period, exerting an additional negative impact on ore prices. However, the peak season is approaching, which may boost demand for iron ore and push up prices for some extent.