As of March 25, inventory of iron ore at 25 major Chinese ports amounted to 72.59 million mt, down 1.43 million mt or 1.92 percent on week-on-week basis, as announced by China’s Xinhua News Agency.
As of March 25, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 131 points, up one point week on week, Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 115 points on the given date, also up one point week on week.
Economists at Xinhua News Agency state that last week the Chinese iron ore import market indicated greater stability following the sharp decline of the previous week. Traders maintained a wait-and-see attitude and chose to delay their offers. Meanwhile, due to slower sales of finished steel, large Chinese mills were less willing to purchase iron ore, while there was some demand from small mills seeking to replenish their stocks. The increase in transaction activity for certain steel products helped halt the sharp decreases in iron ore prices, though activity in the iron ore market remains limited. Inventory of iron ore at Chinese ports has decreased for the fourth straight week due to the recent reduction in arrivals of spot iron ore.