As of October 16, inventory of iron ore at 33 major Chinese ports amounted to 111.90 million mt, down 0.35 million mt or 0.29 percent compared to the inventory level recorded on September 11, 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 63 points, down 11 points compared to September 11. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 51 points on the date in question, down seven points over the same period.
During the past week, import iron ore prices have indicated a continuous declining trend. Currently, Chinese steelmakers mostly hold a cautious stance towards iron ore purchases, resulting in slack transaction activities and decreasing prices.
However, although some miners and traders have chosen to sell at lower prices to bring in cash, comparatively high costs still provide support for iron ore prices. Meanwhile, steelmakers have been unwilling to raise their purchase prices for iron ore as they want to limit risks from the cost side. It is thought that import iron ore prices in China will likely move sideways in the coming week.