As of March 13, inventory of iron ore at 33 major Chinese ports amounted to 117.17 million mt, up 1.12 million mt or 0.97 percent compared to the inventory level recorded on March 6, 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 87 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 77 points on the date in question, unchanged week on week.
In the given week, Chinese steelmakers’ purchases of import iron ore have slackened, contributing to the softening of prices of import ore. Instead, steelmakers in China have continued to focus more on purchases of domestic production iron ore, providing a certain degree of support for prices of domestic ore.
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 some support for iron ore prices. It is thought that prices of imported iron ore in China will likely move sideways in the coming period.