As of February 9, inventory of iron ore at 33 major Chinese ports amounted to 97.05 million mt, down 0.23 million mt or 0.24 percent compared to the inventory level recorded on February 2 as announced by China's Xinhua News Agency on February 10.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 62 points, remaining stable week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 53 points on the date in question, down one point week on week.
During the given week, some slight softness has been observed in imported iron ore prices. Steelmakers have only made a few inquiries and purchases. With the approach of the Spring Festival holiday (February 18-24), transaction activity in the country has shrunk greatly. Most traders will start their holiday in the coming week. It is expected that imported iron ore prices will mostly move on a stable trend around the Spring Festival holiday period.