As of March 27, inventory of iron ore at 33 major Chinese ports amounted to 120.2 million mt, up 1.9 million mt or 1.61 percent compared to the inventory level recorded on March 20, 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 85 points, down seven points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 73 points on the date in question, also decreasing by seven points week on week.
In the given week, iron ore prices in China indicated downward movement against the backdrop of significant decreases in finished steel prices in the domestic market. As demand from downstream users is not expected to pick up, it is thought that prices of imported iron ore in China will likely move down further in the coming period.