As of November 1, inventory of iron ore at 33 major Chinese ports amounted to 122.95 million mt, up 2.56 percent compared to the inventory levels recorded on October 15, 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 75 points, up four points compared to October 15. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 65 points on the date in question, up five points over the same period.
In the first part of the given period (October 16-November 1), import iron ore traders were unwilling to sell as import iron ore prices were on the rise and they expected better prices, while demand from steelmakers was at decent levels, pushing up import iron ore prices. In the latter part of the given period, following continuous rises seen in import iron ore prices, steelmakers became cautious as regards purchases of import iron ore. It is expected that import iron ore prices in the Chinese market will move sideways in the coming week.