As of August 4, inventory of iron ore at 33 major Chinese ports amounted to 110.99 million mt, down 0.88 million mt or 0.79 percent compared to the inventory level recorded on July 28, as announced by China's Xinhua News Agency on August 5.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 94 points, remaining unchanged week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 80 points on the date in question, up one point compared with last week.
During the given week, imported iron ore prices have seen slight corrections, while steelmakers have been unwilling to make purchases due to no ease in their financial tightness. Currently, demand for finished steel has been sluggish, dragging down its prices accordingly. Meanwhile, imported iron ore inventory at ports has been at high levels amid continuous declines in freight costs, which will likely pull down imported iron ore prices in the coming period. It is expected that imported iron ore prices in China will see a downtrend in the coming week.