As of July 17, inventory of iron ore at 33 major Chinese ports amounted to 119.13 million mt, up 480,000 mt or 0.4 percent compared to the inventory level recorded on July 10, 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 65 points, up two points compared to July 10. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 54 points on the date in question, also up two points over the same period.
During the given week, semi-finished steel and finished steel prices in China have increased, providing support for the iron ore market. Some iron ore traders have been seeking to increase their offer prices for ore concentrate. However, if iron ore prices move up, buyers will likely adopt a wait-and-see stance as regards purchases. It is thought that iron ore prices will rise slightly in the coming week.