As of May 9, inventory of iron ore at 33 major Chinese ports amounted to 94.44 million mt, up 1.56 million mt or 1.68 percent compared to the inventory level recorded on May 2, 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 ironcontent was at 58 points, down seven 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, also down seven points week on week.
In the given week, imported iron ore prices in China indicated a declining trend due to the downtrend of domestic finished steel prices and iron ore futures prices. At present, with plentiful supplies of imported iron ore observed at Chinese ports, buyers have mostly been maintaining a wait-and-see stance towards the iron ore market, and this will likely exert some downward pressure on iron ore prices. It is thought that imported iron ore prices in China will likely indicate a downtrend in the coming period.