As of June 12, inventory of iron ore at 33 major Chinese ports amounted to 118.76 million mt, up 1.76 million mt or 1.5 percent compared to the inventory level recorded on June 5, 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 55 points, down two points compared to June 5. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 45 points on the date in question, also down two points over the same period.
During the given week, since activity in the domestic steel market was slack, sales of import iron ore stocks at ports were more difficult, resulting in declines in ore prices. Meanwhile, iron ore futures prices have been fluctuating on a downward trend, exerting negative pressure on the spot market. It is thought that import iron ore prices will likely edge down or move sideways in the coming week.