As of November 12, inventory of iron ore at 33 major Chinese ports amounted to 118.50 million mt, down 3.62 percent compared to the inventory levels recorded on November 1, 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 76 points, up one point compared to November 1. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 66 points on the date in question, up one point over the same period.
During the given week, import iron ore prices have moved down as traders tried to stimulate transaction activities against the slack demand from downstream steelmakers. However, finished steel prices have moved on an overall decreasing trend, exerting a negative impact on iron ore prices. It is expected that import iron ore prices in the Chinese market will move sideways in the coming week.