As of August 8, inventory of iron ore at 33 major Chinese ports amounted to 102.63 million mt, up 540,000 mt or 0.53 percent compared to the inventory level recorded on August 1, 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 61 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 50 points on the date in question, remaining stable week on week.
In the given week, imported iron ore prices in China indicated a slight rising trend due to increases in iron ore futures prices and finished steel prices and so overall transaction activity was at decent levels.
Currently, iron ore futures prices and other ferrous metal futures prices continue to rise, with significant increases also seen in metallurgical coke futures prices, all of which provide some support for iron ore prices in the spot market. However, due to the imbalance between supply and demand in iron ore market, it is thought that prices of imported iron ore in China will just indicate some slight fluctuations in the coming period.