As of November 6, inventory of iron ore at 33 major Chinese ports amounted to 116.95 million mt, up 3.27 million mt or 2.88 percent compared to the inventory level recorded on October 30, 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 62 points, up three points compared to October 30. 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 three points over the same period.
During the given week, import iron ore prices in the spot market moved sideways as steelmakers have slowed down purchases of import iron ore against the background of the fluctuating trend of the finished steel market.
Market analysts consider that downstream users are unlikely build up high inventories of import iron ore due to the uncertainty in the finished steel market ahead of the planned production cuts for the winter season. It is thought that import iron prices will move on a soft trend in the coming period.