As of June 17, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 108 points, up eight points compared to June 10, while the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 100 points on the date in question, up seven points over the same period, as announced by China's Xinhua News Agency. In addition, on June 17 inventory of iron ore at 33 major Chinese ports amounted to 101.93 million mt, down 2.69 percent week on week, according to the same source.
During the given week, import iron ore prices rose significantly due to the decreasing inventory level of iron ore at Chinese ports. Meanwhile, market participants have been pessimistic as regards the outlook for shipments of import iron ore in July and August, and this has bolstered import iron ore prices. However, steelmakers’ profit margins have shrunk, which will negatively affect demand for iron ore. It is expected that import iron ore prices will edge up slightly in the coming week.