As of January 9, inventory of iron ore at 33 major Chinese ports amounted to 102.55 million mt, up 4.03 million mt or 0.41 percent compared to the inventory level recorded on January 2, as announced by China's Xinhua News Agency.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 77 points, down three points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 67 points on the date in question, also down three points week on week.
In the given week, imported iron ore prices in China moved on a declining trend due to slack demand from downstream users. Steel enterprises have reduced purchases of iron ore and so traders have lowered their prices in the spot market. Meanwhile, traders have been eager to sell to bring in cash due to tight liquidity before the Chinese New Year holiday, exerting a negative impact on import iron ore prices.
At present, market players are mostly maintaining a wait-and-see stance as regards the import iron ore market and costs are at relatively high levels, which will provide a certain degree of support for iron ore. It is thought that prices of imported iron ore in China will likely move sideways in the coming period.