As of August 15, inventory of iron ore at 33 major Chinese ports amounted to 101.57 million mt, down 1.06 million mt or 1.03 percent compared to the inventory level recorded on August 8, 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 61 points, remaining stable week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 51 points on the date in question, up one point week on week.
In the first part of the given week, imported iron ore prices in China indicated a slight rising trend due to increases in finished steel prices. Towards the latter part of the given week, imported iron ore prices indicated a slight decrease and traders mostly maintained a wait-and-see stance towards the iron ore market due to fluctuations in the iron ore futures market.
Currently, domestic iron ore prices in China are moving on a rising trend, which will provide some support for imported iron ore prices in the market. Meanwhile, traders are mostly maintaining a wait-and-see stance and intend to wait for an opportunity to raise their iron ore prices. It is thought that prices of imported iron ore in China will likely rebound in the coming period.