As of June 11, inventory of iron ore at 33 major Chinese ports amounted to 133.66 million mt, down 1.32 percent compared to the inventory levels recorded on June 4, 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, up two points compared to June 4. 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, rising by one point over the same period.
During the given week, finished steel futures prices in China increased due to environmental protection measures, while price increases were smaller in the finished steel spot market where inventory consumption slackened. In the given week, import iron ore prices edged up as iron ore traders were seeking to raise their prices. However, it is expected that import iron ore prices will still face downward pressure and will likely move sideways in the coming week.