As of April 8, inventory of iron ore at 25 major Chinese ports amounted to 72.98 million mt, indicating a very slight decrease of 230,000 mt or 0.01 percent on week-on-week basis, as announced by China’s Xinhua News Agency.
As of April 8, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 136 points, up one point week on week, Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 119 points on the given date, remaining unchanged week on week.
The Chinese iron ore import market indicated a sideways trend last week, during which China’s Tomb-Sweeping Holiday took place, and was characterized by equilibrium between supply and demand.
Meanwhile, iron ore spot prices at Chinese ports also maintained stability, while market activity was still lower than expected. Chinese mills showed a slight increase in their eagerness to purchase, while traders’ iron ore inventories witnessed a decline. However, some steel mills were not interested in concluding purchases due to their sufficient inventories.
Demand for steel from the downstream side is expected to improve and so steel prices are unlikely to decrease. Meanwhile, Chinese miners are showing some reluctance to sell iron ore and are maintaining a wait-and-see stance, causing some slight tightness of availability.