As of August 1, inventory of iron ore at 33 major Chinese ports amounted to 102.09 million mt, up 240,000 mt or 0.24 percent compared to the inventory level recorded on July 25, 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 60 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 50 points on the date in question, up three points week on week.
In the first part of the given week, imported iron ore prices in China indicated a significant rising trend due to increases in iron ore futures prices and finished steel prices. However, in the latter part of the week, imported iron ore prices softened a little and some traders offered better prices for buyers amid the low level of transaction activity in the spot market.