As of June 5, inventory of iron ore at 33 major Chinese ports amounted to 117.0 million mt, up 0.37 million mt or 0.32 percent compared to the inventory level recorded on May 22, 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 57 points, down six points compared to May 22. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 47 points on the date in question, also down six points over the same period.
From May 23 to June 5, iron ore prices moved on a soft trend, with inquiries and transaction activities characterized by sluggishness as both the supply and demand sides maintained wait-and-see stances. Currently, although iron ore prices are at relatively low levels, steelmakers and iron ore traders are unwilling to make purchases as they are worried about the prospects for finished steel demand amid hot and rainy weather conditions. It is thought iron ore prices will likely move down in the coming period.