As of November 30, inventory of iron ore at 33 major Chinese ports amounted to 85.82 million mt, up 2.40 million mt or 2.88 percent compared to the inventory level recorded on November 23, as announced by China's Xinhua News Agency on December 1.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 44 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 40 points on the date in question, also down one point week on week.
In the given week, overall imported iron ore prices continued to indicate a declining trend due to the ongoing downtrend of domestic finished steel prices and reductions in steel production. Most buyers held a wait-and-see stance towards the spot market and so overall transaction activity was slack, which also contributed to the soft trend of iron ore prices.