Iron ore inventory increases at Chinese ports

As of December 21, inventory of iron ore at 33 major Chinese ports amounted to 90.35 million mt, up 2.29 million mt or 2.60 percent compared to the inventory level recorded on December 14, as announced by China's Xinhua News Agency on December 22.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 40 points, up two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 36 points on the date in question, also up two points week on week.

In the given week, imported iron ore prices in China have indicated rebounds due to the upward movement in the iron ore futures market, which provided some support for iron ore prices in the spot market.

Currently, most steel enterprises in China have continued to reduce production in the traditional off-season for business due to the cold winter weather. It is thought that imported iron ore prices in China will likely continue to fluctuate within a limited range in the coming period.