As of November 2, inventory of iron ore at 33 major Chinese ports amounted to 82.24 million mt, up 1.01 million mt or 1.24 percent compared to the inventory level recorded on October 26, as announced by China's Xinhua News Agency on November 3.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent ironcontent was at 49 points, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 45 points on the date in question, down one point week on week.
In the given week, overall imported iron ore prices indicated a declining trend due to domestic steel enterprises’ output reductions, which has resulted in reduced demand for iron ore. The domestic finished steel market is unlikely to indicate upward movement in the short term, negatively impacting demand for iron ore. Most buyers are maintaining a wait-and-see stance towards the spot market, while overall transaction activity for iron ore is slack, causing prices to decline.
The iron ore futures market has been moving on a stable trend, providing some support for iron ore prices. It is thought that imported iron ore prices in China will likely fluctuate within a limited range in the coming period.