As of October 17, inventory of iron ore at 33 major Chinese ports amounted to 96.29 million mt, up 380,000 mt or 0.4 percent compared to the inventory level recorded on October 10, as announced by China's Xinhua News Agency on October 18.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 57 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 51 points on the date in question, up three points week on week.
In the given week, imported iron ore prices in China indicated a slight rising trend amid increases in finished steel prices and iron ore futures prices. In addition, steel enterprises increased their purchases to replenish their stocks after the National Day Holiday (Oct. 1-7), providing support for iron ore prices in the spot market. Currently, iron ore futures prices have continued to indicate some increases and market participants are mostly optimistic on the prospects for the iron ore market. It is thought that prices of imported iron ore in China will likely continue to indicate upward movement in the coming period.