As of December 4, inventory of iron ore at 33 major Chinese ports amounted to 119.46 million mt, up 1.76 million mt or 1.5 percent compared to the inventory level recorded on November 27, 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 70 points, up two points compared to November 27. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 56 points on the date in question, also up two points over the same period.
During the given week, import iron ore prices moved a rising trend, while both buyers and sellers maintained a cautious stance, resulting in a lack of improvement in transaction activity. Currently, demand and supply in the import iron ore market are in equilibrium. Steelmakers will continue to purchase as needed, while traders and miners are unlikely sell at lower prices due to high costs. It is thought that import iron ore prices in the Chinese market will move sideways in the coming week.