As of July 23, inventory of iron ore at 33 major Chinese ports amounted to 130.39 million mt, up 0.59 percent compared to the inventory levels recorded on July 16, 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 65 points, up two points compared to July 16. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 53 points on the date in question, up one point over the same period.
During the given week, due to strict environmental protection measures, there was a supply shortage in the finished steel market, which provided support for finished steel prices.
In the given period, the import iron ore market mostly moved sideways. Demand from steelmakers was still slack as steelmakers remained cautious as regards the conclusion of purchases of import iron ore. At the same time, miners and traders were unwilling to sell at lower prices, but wanted to raise their prices for import iron ore. It is expected that import iron ore prices will continue to move sideways in the coming week.