As of October 30, inventory of iron ore at 33 major Chinese ports amounted to 113.68 million mt, up 500,000 mt or 0.44 percent compared to the inventory level recorded on October 23, 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 59 points, down one point compared to October 23. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 49 points on the date in question, also down one point over the same period.
During the given week, import iron ore prices in the spot market softened slightly, while iron ore futures prices moved sideways. Players in the iron ore market have mostly been maintaining a wait-and-see stance. With the approach of the winter season, demand for finished steel will be slacker, which will exert a negative impact on iron ore prices. It is thought that import iron ore prices are unlikely to increase in the coming period.