As of April 7, inventory of iron ore at 33 major Chinese ports amounted to 108.28 million mt*, 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 114 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 103 points on the date in question, up three points week on week.
In the given week, as the Chinese finished steel market has shown a recovery, transaction activity for imported iron ore has indicated a significant improvement, with steelmakers seeking to replenish their iron ore stocks. Iron ore traders are now more optimistic, while an increase in shipments from overseas miners like Rio Tinto and BHP Billiton has been seen at Chinese ports.
With finished steel inventory in China continuing to decline and with domestic steelmakers raising their ex-works prices for products, it is thought that prices of imported iron ore in China will fluctuate within the range of $100-110/mt, indicating slight rises.
*In order to ensure greater accuracy, starting from April 1 the Xinhua-China Iron Ore data cover 33 major Chinese ports, up from 25 major ports previously.
