As of May 30, inventory of iron ore at 33 major Chinese ports amounted to 96.30 million mt, up 690,000 mt or 0.72 percent compared to the inventory level recorded on May 23, as announced by China's Xinhua News Agency on May 31.
As of the same date, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 51 points, down four points week on week. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 43 points on the date in question, also down four points week on week.
In the given week, imported iron ore prices in China indicated a downward trend due to the continuous declining trend of finished steel prices and so overall transaction activity for iron ore has slackened a little.
China’s Hebei Province is implementing production limitations for steel due to Tangshan International Horticulture Exposition (April 29-Octjober 16), which will likely provide support for finished steel prices. In addition, Chinese demand for iron ore is expected to continue to remain stable from downstream users. Accordingly, it is thought that imported iron ore prices in China will likely rebound in the coming period.