As of May 13, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 95 points, up one point compared to May 6, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 87 points on the date in question, also up one point over the same period, as announced by China's Xinhua News Agency. In addition, on May 13 inventory of iron ore at 33 major Chinese ports amounted to 114.95 million mt, down 0.85 percent week on week, according to the same source
During the May 7-13 period, import iron ore prices for China indicated slight rises as Vale was ordered to suspend wet iron ore processing at its Brucutu mine in Brazil, exerting a negative impact on supply and providing support for prices. Meanwhile, the traditional peak season in China in March and April is now over and so demand from downstream users will be slacker in the coming period. At the same time, crude steel output in the first quarter was at relatively high levels, leading to expectations that the Chinese steel market will go through a period of stock consumption. It is expected that import iron ore prices in the Chinese market will move down in the coming week.