As of October 14, inventory of iron ore at 25 major Chinese ports amounted to 74.84 million mt, indicating an increase of 1.57 million mt or 2.14 percent week on week, as announced by China's Xinhua News Agency on October 15.
As of the given date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 133 points, up three 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 122 points on October 14, up two points week on week.
The Chinese steel market is currently characterized by softness as opposed to the stronger price trends seen at the same time of the year in previous years. In this context, the Chinese iron ore market will likely remain sluggish for the remainder of the year.
