As of January 22, inventory of iron ore at 33 major Chinese ports amounted to 129.95 million mt, up 1.80 million mt or 1.4 percent compared to the inventory level recorded on January 15, 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 76 points, decreasing by one point compared to January 15. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 62 points on the date in question, also declining by one point over the same period.
During the given week, import iron ore prices indicated slight decreases, while transaction activity was slower compared to the previous period. Due to declines in finished steel prices, import iron ore prices lost momentum and indicated a slight downtrend following previous increases.
As for the coming period, the oversupply situation in the import iron ore market is unlikely to change, which will exert downward pressure on import iron ore prices.