As of May 21, inventory of iron ore at 33 major Chinese ports amounted to 133.72 million mt, down 0.41 percent compared to the inventory levels recorded on May 14, 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 67 points, remaining stable compared to May 14. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 53 points on the date in question, down one point over the same period.
During the given week, steelmakers have stepped up production due to high profitability, increasing supply to the steel market. As a result, finished steel prices have moved sideways or indicated downward movement, exerting a negative impact on iron ore prices.
In the given period, import iron ore prices have indicated slight downward corrections, while transaction activity has been at low-to-medium levels. However, miners and traders are seeking to bolster iron ore prices. It is thought that import iron ore prices in China will likely move sideways in the coming week.