As of January 2, inventory of iron ore at 33 major Chinese ports amounted to 98.52 million mt, down 500,000 mt or 0.50 percent compared to the inventory level recorded on December 26, 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, up two points 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 up two points week on week.
In the given week, imported iron ore prices in China moved on a fluctuating trend. In the first part of the given week, overall import iron ore prices indicated a declining trend, while some mainstream iron ore prices shifted to an upward trend in mid-week with support from buyers’ enthusiasm for purchases. However, in the latter part of the given week, demand slackened and buyers mostly maintained a wait-and-see stance towards the market, which exerted pressure on iron ore prices and caused them to decline slightly.