As of November 21, inventory of iron ore at 33 major Chinese ports amounted to 101.03 million mt, up 1.48 million mt or 1.49 percent compared to the inventory level recorded on November 14, as announced by China's Xinhua News Agency on November 22.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 72 points, down eight points week on week. 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, down six points week on week.
In the given week, imported iron ore prices in China firstly indicated a slight rising trend and then switched to a declining trend, with overall transaction activity at low levels. Buyers in the iron ore market were mostly cautious and some traders chose to sell at lower prices to bring in cash due to financial pressure. Iron ore futures prices have lately indicated some downward corrections and at present market players are mostly maintaining a wait-and-see stance as regards the future prospects for the iron ore market, which will exert negative pressure on iron ore prices in the spot market. It is thought that prices of imported iron ore in China will likely move sideways in the coming period.