As of July 22, inventory of iron ore at 25 major Chinese ports amounted to 73.45 million mt, indicating a decrease of 0.84 million mt or 1.33 percent week on week, as announced by China's Xinhua News Agency.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 63.5 percent iron content was at 133 points, up six points compared to one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 117 points on the given date, also up six points week on week.
During the week from July 16 to July 22, iron ore prices in China remained on a rising trend. Traders hold an optimistic view of the prospects for the future market, and this has contributed to an improvement in the volume of iron ore transactions.
Also, since iron ore inventory at Chinese ports continues to decline and as steelmakers' profitability has improved, market participants in general are more active in concluding iron ore transactions. It is thought that the Chinese iron ore import market will maintain a slight rising trend in the coming week.
