As of September 10, inventory of iron ore at 33 major Chinese ports amounted to 124.67 million mt, down 0.05 percent compared to the inventory levels recorded on September 3, 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 68 points, up two points compared to September 3. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 57 points on the date in question, also up two points over the same period.
During the given week, finished steel prices in China increased. Currently, with the easing of negative seasonal factors, more steelmakers are resuming production, which will increase the demand for import iron ore. However, production restrictions due to environmental protection measures are still being strictly implemented, negatively affecting steelmakers’ production activities.
During the given week, import iron ore prices have indicated slight rises, while transaction activities for import iron ore have not improved significantly. Nevertheless, traders are optimistic on the future prospects for the iron ore market. It is thought that import iron ore prices in China will likely move sideways in the coming week.