As of August 28, inventory of iron ore at 33 major Chinese ports amounted to 114.24 million mt, down 1.34 million mt or 1.16 percent compared to the inventory level recorded on August 21, as announced by China's Xinhua News Agency.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 77 points, up one point compared to August 21. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 64 points on the date in question, remaining stable over the same period.
During the given week, import iron ore prices were fluctuating on a soft trend amid, while transaction activity was at low-to-medium levels. In the given period, finished steel prices declined and so steelmakers were more cautious about purchasing iron ore. It is thought that import iron ore prices in the Chinese market will move sideways in the coming week.