As of July 7, inventory of iron ore at 33 major Chinese ports amounted to 114.77 million mt, up 130,000 mt or 0.11 percent compared to the inventory level recorded on June 30, as announced by China's Xinhua News Agency on July 8.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 96 points, up one point from one week earlier. 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, also up one point week on week.
During the given week, imported iron ore prices in China have continued to indicate upward movement, though at a slower speed, with no significant change seen in domestic production iron ore prices. Steelmakers tried to lower their purchase prices for iron ore, while iron ore producers have been unwilling to cut their sales prices, mostly holding a wait-and-see stance towards business. It is expected that imported iron ore prices will continue to move on an uptrend due to the bullish sentiment in the iron ore futures market. However, most steelmakers are not inclined to replenish inventory when imported iron ore prices are above $95/mt and so increases in imported iron ore prices will be of limited margins.
