As of January 23, inventory of iron ore at 33 major Chinese ports amounted to 104.2 million mt, up 1 million mt or 0.97 percent compared to the inventory level recorded on January 16, 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 81 points, remaining unchanged week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 71 points on the date in question, also remaining unchanged.
In the given week, imported iron ore prices in China indicated a downward trend due to the decline in domestic finished steel prices and slack demand from downstream users. At present, there is no sign of an improvement of demand, while iron ore inventory is at relative high levels, resulting in an imbalance between supply and demand. It is thought that prices of imported iron ore in China will likely just indicate a slight decline in the coming period.