As of May 13, inventory of iron ore at 25 major Chinese ports amounted to 71.905 million mt, indicating an increase of 1.095 million mt or 1.55 percent on week-on-week basis, as announced by China’s Xinhua News Agency.
As of May 13, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 130 points, up one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 114 points on the given date, up one point week on week.
In the past week, the Chinese iron ore import market has more or less followed a sideways trend, characterized by a wait-and-see atmosphere and limited transaction activity.
Chinese mills remained cautious as regards purchases of raw material and have continuously put pressure on import iron ore prices due to lower finished steel prices and narrow profit margins. Chinese mills are also postponing iron ore purchases because of weak downstream demand amid sluggish steel market conditions.
Meanwhile, overseas exporters have been aggressive on iron ore prices and the prices of iron ore futures have rebounded slightly.Nevertheless, it is thought that the Chinese iron ore import market will indicate a softening in the coming days.