As of September 19, inventory of iron ore at 33 major Chinese ports amounted to 95.53 million mt, down 2.15 million mt or 2.2 percent compared to the inventory level recorded on September 12, 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 56 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 47 points on the date in question, decreasing by three points week on week.
In the given week, imported iron ore prices in China indicated a declining trend due to decreases in domestic finished steel prices and iron ore futures prices.
Demand for iron ore in China is unlikely to indicate a significant improvement as the National Day Holiday (October 1-7) is approaching. Meanwhile, mainstream iron ore supplies are on the short side for now, which will provide some support for imported iron ore prices. It is thought that prices of imported iron ore in China will likely move sideways in the coming period.