As of August 17, inventory of iron ore at 33 major Chinese ports amounted to 77.64 million mt, down 220,000 mt or 0.28 percent compared to the inventory level recorded on August 10, as announced by China's Xinhua News Agency on August 18.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 57 points, up one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 52 points on the date in question, also up one point week on week.
With the 70th anniversary in early September of victory against Japan now approaching, steel enterprises in Hebei Province will start to reduce production as of August 28, which will exert a negative impact on iron ore prices. Currently, domestic demand for finished steel remains weak, though it is expected to improve as China has taken measures to strengthen support for industrial development. Meanwhile, with the devaluation of the Chinese currency, China’s finished steel exports are expected to increase. It is believed that iron ore prices will move on a stable trend in the coming period.