As of August 10, inventory of iron ore at 33 major Chinese ports amounted to 77.86 million mt, up 470,000 mt or 0.61 percent compared to the inventory level recorded on August 3, as announced by China's Xinhua News Agency on August 11.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 56 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 51 points on the date in question, also up one point week on week.
In the early part of the week in question, imported iron ore prices indicated a rising trend following the rises seen in the finished steel prices against the background of environmental protection measures which will impact steel production in the coming period. On August 5, iron ore futures prices at Dalian Commodity Exchange (DCE) indicated sharp increases, boosting iron ore prices at Chinese ports. However, subsequently a correction has been seen in iron ore prices due to pressure from buyers. Currently, most steelmakers have purchased sufficient volumes of iron ore for the moment and so demand for iron ore will likely weaken in the coming period. It is thought that imported iron ore prices will likely fluctuate on a downward trend in the coming week.