On November 2, inventory of iron ore at 33 major Chinese ports amounted to 110.07 million mt, up 2.5 million mt or 2.32 percent compared to October 26, as announced by China’s Xinhua News Agency.
Import iron ore prices in China have remained under pressure from the ongoing high levels of shipments and volumes of iron ore supplies arriving at Chinese ports. Meanwhile, blast furnace capacity utilization rates of Chinese steelmakers and steel outputs have almost remained stable compared to the previous week. The production restrictions in the winter season will likely exert a negative impact on demand for iron ore. It is thought that import iron ore prices will likely move on a downward trend in the coming week.