As of November 26, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 65 points, down 10 points compared to November 19. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 56 points on the date in question, also down 10 points over the same period, as announced by China's Xinhua News Agency.
During the given week, due to sharp declines in semi-finished steel and ferrous metal futures prices in China, finished steel prices in the Chinese domestic market have indicated an overall downward trend.
The import iron ore market in China has been negatively affected by the decreases in the finished steel market. Iron ore traders have been unwilling to build up stocks, in order to avoid potential downside risks. As for the coming period, demand from downstream users will be slack due to more maintenance works on the steelmakers’ side. It is expected that import iron ore prices in the Chinese market will move on a soft trend in the coming week.
