Iron ore inventory increases at Chinese ports

As of May 1, inventory of iron ore at 33 major Chinese ports amounted to 120.71 million mt, up 0.92 million mt or 0.77 percent compared to the inventory level recorded on April 24, 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 67 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 55 points on the date in question, also decreasing by one point week on week.

In the given week, the rising trend seen in the domestic finished steel and semi-finished steel market exerted a positive influence on iron ore prices. Amid improved market sentiment, it is thought that prices of imported iron ore in China will likely move sideways in the coming period.