As of January 20, inventory of iron ore at 25 major Chinese ports amounted to 91.68 million mt, indicating an increase of 3.11 million mt or 3.51 percent week on week, 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 129 points, down three points from one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 117 points on the date in question, down two points week on week.
In the given week, China's import iron ore prices continued to move down, with market participants mostly holding a wait-and-see attitude regarding the prospects for the market in the future. Due to the downtrend in iron ore futures prices and the sluggishness of the finished steel market, demand for imported iron ore remained at a low level, dragging down market prices. As China's New Year holiday approaches, domestic steelmakers are slowing down their purchasing activities, mostly just buying in line with their needs. It is thought that China's import iron ore market will continue its slight downtrend in the coming week.