As of September 26, inventory of iron ore at 33 major Chinese ports amounted to 93.75 million mt, down 1.78 million mt or 1.86 percent compared to the inventory level recorded on September 19, 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 57 points, up one point week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 48 points on the date in question, also up one point week on week.
In the first part of the given week, imported iron ore prices in China indicated a slight decline and overall transaction activity was at low levels. Towards the latter part of the given week, imported iron ore prices indicated upward movement due to increases in iron ore futures prices and steel producers’ replenishments of their iron ore stocks ahead of the National Day Holiday (October 1-7).Currently, iron ore futures prices are moving on a rising trend, which will exert a positive impact on iron ore prices in the spot market. It is thought that prices of imported iron ore in China will likely indicate a slight upward movement in the coming period.