Iron ore inventories at 33 major Chinese seaports increased to 84.66 million tonnes as of Monday (Nov. 9), up 2.42 million tonnes or 2.94 percent from a week earlier, according to Xinhua-China Iron Ore Price Index released on Tuesday.
The Xinhua-China IOP Index, compiled through data collected from 33 selected major seaports, showed the price index for imported 62-percent-purity-grade iron ores declined two points to 47 by Monday, and that for imported 58-percent-purity-grade iron ores dropped 2 points to 43.
Imported iron ore prices extended losses during the past week to around 40 US dollars/tonne, amid affluent supplies at the ports and the falling steel prices.
As the iron ores increase at ports to further weigh on the supply market, and the steel mills' pressure of tight cash accumulates, it is expected that the iron ore prices would continue dropping in the near future.
The Xinhua-China IOP Index, developed by Xinhua News Agency and released every Tuesday on the Xinhua08 platform, tracks changes on the country's iron ore market through in-depth surveys with Chinese major seaports, iron ore traders and steelmakers, as well as analysis on customs statistics.
It serves as a reference indicator reflecting movements of Chinese iron ore stocks.
The original data were collected via Xinhua's global data and information collection network and were put together with comments from experts in iron and steel production, wholesale and retail sectors.