As of March 14, inventory of iron ore at 33 major Chinese ports amounted to 91.73 million mt, down 1.26 million mt or 1.35 percent compared to the inventory level recorded on March 7, as announced by China's Xinhua News Agency on March 17.
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 four points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 52 points on the date in question, also up four points week on week.
In the given week, overall imported iron ore prices in China indicated a rising trend, with transaction activities at decent levels. At the start of the given week, iron ore prices rose rapidly in the spot market due to the rising trend of finished steel prices. While in the latter part of the given week, finished steel prices indicated decreases and so buyers mostly held a wait-and-see stance towards the spot market, causing the iron ore prices to soften. Given the lack of a significant improvement in finished steel demand, it is thought that imported iron ore prices in China will likely move on a stable trend in the coming period.