As of August 27, inventory of iron ore at 33 major Chinese ports amounted to 126.71 million mt, down 1.78 percent compared to the inventory levels recorded on August 20, 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, down two points compared to August 20. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 54 points on the date in question, also down two points over the same period.
During the given week, participants in the domestic finished steel market have been unwilling to accept the higher prices, reflecting their cautious mood.
In the week in question, steelmakers have been unwilling to conclude purchases for import iron ore, resulting in softer prices for ore. However, iron ore traders would now prefer to increase their offer prices for iron ore. It is expected that import iron ore prices in the Chinese market will move sideways in the coming week.