As of May 6, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 94 points, up one point compared to April 29. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 86 points on the date in question, also up one point over the same period. Meanwhile, as of May 6, inventory of iron ore at 33 major Chinese ports amounted to 115.94 million mt, up 0.3 percent compared to the inventory levels recorded on April 29, as announced by China's Xinhua News Agency.
Ahead of the Labor Day holiday, some Chinese steelmakers concluded deals to replenish their stocks of import iron ore, which thereby provided support for iron ore prices. However, the traditional peak season of March and April has ended and so import iron ore prices are expected to come under pressure. It is thought that import iron ore prices in the Chinese market will see a downward correction in the coming week, according to Xinhua News Agency.