As of May 7, inventory of iron ore at 33 major Chinese ports amounted to 134.74 million mt, up 1.23 percent compared to the inventory levels recorded on April 23, 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, remaining stable compared to April 23. 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, up one point over the same period.
During the given period, import iron ore prices have increased, while transaction activity has not seen any significant improvement due to the cautious attitude prevailing among downstream users. After the Labor Day holiday, finished steel prices moved up first, but edged back down later. It is thought that import iron ore prices in China will likely move sideways in the coming week.