As of March 3, inventory of iron ore at 25 major Chinese ports amounted to 101.04 million mt, indicating an increase of 0.70 million mt or 0.69 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 118 points, down two points from one week earlier. Meanwhile, the Xinhua-
China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 106 points on the date in question, down two points week on week.
In the given week, prices of imported iron ore in the Chinese market indicated further downward movement. The sharp downticks in prices of imported iron ore in the futures market and ongoing weak demand exerted a downward influence on spot prices of iron ore at Chinese ports. Accordingly, buyers and sellers were cautious about trading and so transaction activity in the import iron ore market was slack. As for the finished steel market, trading volumes and prices were at relatively low levels in the week in question due to slackened demand in the downstream market amid bad weather conditions. On the other hand, some infrastructure projects due to get underway in the spring are expected to push up demand for steel and contribute to increased demand for imported iron ore.