As of September 15, inventory of iron ore at 33 major Chinese ports amounted to 109.65 million mt, up 590,000 mt or 0.54 percent compared to the inventory level recorded on September 8, as announced by China's Xinhua News Agency on September 16.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 82 points, down one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 71 points on the date in question, also down one point week on week.
During the given week, imported iron ore prices in China have followed a downward trend, declining by RMB 10-20/mt ($1.6-3.2/mt), with most traders maintaining a wait-and-see stance. Due to the continuous declines seen in imported iron ore prices, domestic production iron ore prices have also indicated a downward movement. Meanwhile, some large domestic miners have lowered their ex-works prices for iron ore, contributing to decreases in prices of domestic production iron ore in the spot market. During the given week, finished steel prices in China have continued to decline, though by smaller margins. As for the coming period, since imported iron ore prices have already been decreasing over a long period, it is thought that iron ore prices in the Chinese market will likely follow a stable trend.
