As of December 19, inventory of iron ore at 33 major Chinese ports amounted to 99.14 million mt, down 2.90 million mt or 2.84 percent compared to the inventory level recorded on December 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 80 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 70 points on the date in question, also down one point week on week.
In the given week, imported iron ore prices in China indicated downward movement due to slack demand from downstream users. Some traders chose to sell at low prices to bring in cash, while buyers mostly remained cautious, resulting in low levels of transaction activity in the market.
At present, market players are mostly maintaining a wait-and-see stance as regards the future prospects for the import iron ore market and are reluctant to sell at low prices, which will provide a certain degree of support for import iron ore prices in the spot market. It is thought that prices of imported iron ore in China will likely move sideways or edge up slightly in the coming period.