As of May 7, inventory of iron ore at 25 major Chinese ports amounted to 70.53 million mt, indicating a decrease of 290,000 mt or 0.4 percent on week-on-week basis, as announced by China's Xinhua News Agency.
As of May 7, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 129 points, down nine points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 113 points on the given date, down eight points week on week.
In the past week, the Chinese iron ore import market has maintained a weak trend amid limited transaction activity. In the given week, the import price of iron ore futures declined by $2-3/mt, while the import price of spot iron ore decreased by RMB 10-20/mt ($1.6-3.2/mt). Overseas exporters have been aggressive on iron ore prices and are unwilling to sell products at a lower price, and so import iron ore prices have only indicated a slight decrease. At present, both the supply and demand sides of the market are maintaining a wait-and-see attitude.
Although exporters' reluctance to lower prices has provided support for iron ore prices, the weak demand in the finished steel market may put pressure on the price of iron ore. It is thought that the Chinese iron ore import market will likely see some slight downward movement in the coming days.
