As of June 24, inventory of iron ore at 25 major Chinese ports amounted to 75.18 million mt, indicating an increase of 520,000 mt or 0.7 percent compared to June 17, 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 113 points, up one point compared to one week ago. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 104 points on the given date, up six points compared to one week ago.
According to Xinhua News Agency, in the week ending June 24 import iron ore prices in China indicated a slight rising trend, while there was no significant improvement in transaction activity. Steelmakers increased their purchasing volumes slightly due to their low inventories, while traders mostly kept their offer prices stable, thus limiting the rising trend of iron ore prices.
With steel consumption entering the off-season in China due to the hot summer weather, most domestic steelmakers are expected to conclude iron ore purchases only in line with their needs. It is thought that demand for iron ore in China will decline in the coming week, which will likely cause iron ore prices to enter a downtrend again.
