As of June 18, inventory of iron ore at 33 major Chinese ports amounted to 132.04 million mt, down 1.21 percent compared to the inventory levels recorded on June 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 66 points, remaining stable compared to June 11. 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, also remaining stable over the same period.
During the given week, Chinese steelmakers slowed down their purchases of import iron ore, while import iron ore traders were unwilling to lower prices for sale as they believed the steelmakers would replenish their stock in the near future. However, due to high temperatures and rainy weather, demand for finished steel will likely slacken and exert a negative impact on the import iron ore market. It is expected that import iron ore prices for China will still face downward pressure in the coming week.