As of October 26,inventory of iron ore at 33 major Chinese ports amounted to 81.32 million mt, up 490,000 mt or 0.61 percent compared to the inventory level recorded on October 19, as announced by China's Xinhua News Agency on October 27.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent ironcontent was at 51 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 46 points on the date in question, also down two points week on week.
In the given week, overall imported iron ore prices indicated a declining trend due to slack demand. In addition, internatinal iron ore traders continually expended shipment to the spot market though against the bakground of some domestic steel enterprises’ seasonal reduction of steel production. According to the mining giant company Rio Tinto’s third quarter report that it saw large increase in iron ore exports which indicated iron ore output still remained a high level.