Iron ore inventory edges up at Chinese ports

As of February 29, inventory of iron ore at 33 major Chinese ports amounted to 92.12 million mt, up 370,000 mt or 0.4 percent compared to the inventory level recorded on February 22, as announced by China's Xinhua News Agency on March 2.

As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 49 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 44 points on the date in question, also up one point week on week.

In the given week, imported iron ore prices in China indicated a slight declining trend due to the slight decreases seen in China’s domestic finished steel prices.

Currently, China’s finished steel downstream users are still replenishing their inventories, which will likely provide some support for iron ore prices. It is thought that imported iron ore prices in China will likely indicate an upward movement in the coming period.