On February 7, inventory of iron ore at 33 major Chinese ports amounted to 148.73 million mt, up 2.14 percent compared to January 24, as announced by China's Xinhua News Agency.
During the given period, import iron ore prices rose strongly, while iron ore volumes arriving at Chinese ports were decreasing. Demand for import iron ore will likely improve in the near future with the holiday period now over, which will boost prices. However, the rising supply of iron ore will exert a negative impact on prices. It is thought that import iron ore prices may come under downward pressure in the coming week.