As of May 14, inventory of iron ore at 33 major Chinese ports amounted to 134.26 million mt, down 3.53 percent compared to the inventory levels recorded on May 7, 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 7. 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 remaining stable over the same period.
During the given week, finished steel prices indicated a rebounding trend. Meanwhile, inventory levels of finished steel have decreased, providing support for the upward movement of finished steel prices.
In the week in question, iron ore futures prices at Dalian Commodity Exchange (DCE) moved sideways. At the same time, iron ore traders were seeking to increase import iron ore prices. It is thought that import iron ore prices will likely move sideways in the coming week.