As of March 10, inventory of iron ore at 25 major Chinese ports amounted to 103.21 million mt, indicating an increase of 2.17 million mt or 2.15 percent week on week, 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 113 points, down five points from one week earlier. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 102 points on the date in question, down four points week on week.
In the given week, prices of imported iron ore in the Chinese market have indicated significant decreases, while transaction activity has been quiet. Market participants have mostly maintained a wait-and-see stance. Amid the ongoing sluggishness of the finished steel market and the declines in iron ore futures, imported iron ore prices continued to move down, with larger and more rapid declines compared to the previous week. Currently, steelmakers in China are cautious about purchasing iron ore and so traders of iron ore are also less active. It is thought that imported iron ore prices in China will remain on a soft trend in the near term.
