As of July 28, inventory of iron ore at 33 major Chinese ports amounted to 111.87 million mt, down 2.4 million mt or 2.1 percent compared to the inventory level recorded on July 21, as announced by China's Xinhua News Agency on July 29.
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, down two points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 79 points on the date in question, down one point compared with last week.
During the given week, imported iron ore prices at ports have seen slight declines, due to slack transaction activities as steelmakers have hold a cautious attitude towards purchasing activities. Meanwhile, Chinese iron ore prices have indicated an overall stable trend.
Currently, finished steel market has faced a cyclically adjusted trend as it has entered the traditional maintenance period. At the same time, buyers are willing to hold a wait-and-see stance by the end of month due to financial tightness, curbing the iron ore market. It is expected that imported iron ore prices will continue to see a slight downtrend in the coming week.
