As of July 29, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 118 points, down one point compared to July 22, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 107 points on the date in question, down three points over the same period, as announced by China's Xinhua News Agency. In addition, on July 29 inventory of iron ore at 33 major Chinese ports amounted to 98.85 million mt, down 0.56 percent week on week, according to the same source.
During the given week, iron ore arriving at ports declined sharply, bolstering iron ore prices. At the same time, demand for iron ore from steelmakers has been at high levels, providing support for iron ore prices. Meanwhile, iron ore futures prices at Dalian Commodity Exchange (DCE) moved down sharply. While finished steel supply has been at high levels, demand for iron ore will slacken due to production cuts in August. It is thought that iron ore prices in the Chinese market will fluctuate within a limited range in the coming week.