Iron ore inventories at 33 major Chinese seaports grew to 78.57 million tonnes as of Monday (August 24), up 930,000 tonnes or 1.2 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 1 point from a week ago to 56 by Monday, and that for imported 58-percent-purity-grade iron ores stayed flat at 52.
The quote prices of port iron ores fluctuated within small ranges during the previous week, with the actual transaction prices slighter lower than a week ago. Steel prices turned to increase after a short decline during the previous week, and the rebound is regarded to have a relatively strong momentum as steelworks in north China slash production for the V-Day parade on Sept. 3.
Demand for iron ores is expected to stay stable in the near term, making the prices unlikely to see turbulences shortly. 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.
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