As of June 9, inventory of iron ore at 33 major Chinese ports amounted to 114.71 million mt, down 0.48 million mt or 0.42 percent compared to the inventory level recorded on June 2, 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 62 percent iron content was at 94 points, up three points from one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 77 points on the date in question, up one point week on week.
During the given week, imported iron ore prices initially indicated a sharp decline, before subsequently moving on an upward trend. Some traders had lowered their prices in order to stimulate sales and bring in cash. Transaction activity showed some improvement at the lower prices, thereby providing support for transaction prices. Meanwhile, steelmakers' inventory replenishments also provided support for the market, helping to push up prices in the latter part of the week in question. As for the coming period, it is expected that iron ore prices in the Chinese market will move on a soft trend due to increased supply and lack of confidence in the future prospects for the market.
