As of December 25, inventory of iron ore at 33 major Chinese ports amounted to 123.02 million mt, up 1.27 million mt or 1.04 percent compared to the inventory level recorded on December 18, 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 73 points, decreasing by one point compared to December 18. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 59 points on the date in question, also declining by one point over the same period.
During the given week, finished steel prices moved up, exerting a negative impact on import iron ore prices in the Chinese market. Buyers maintained a wait-and-see stance as regards concluding purchases. Lump ore prices decreased, while fine ore prices remained stable due to tight supply.
Supply has been tight in the iron ore market and this will provide support for import iron ore prices. Meanwhile, miners and steelmakers have been keeping their inventories at low levels. It is expected that import iron ore prices in China will move on a downward trend in the coming week, though prices are unlikely to decrease by large margins.