According to Xinhua-China iron ore price index recently, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 98.13 million metric tons in last week, dropping by 0.64 million metric tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly 145, down 1 unit week over week. However the prices for 58% iron ore were still pegged at 121, up 1 unit from prior week.
Influenced by the Spring Festival Holiday, the domestic iron ore market just clenched very limited deals in last week. As for the market prospect, experts said that the iron ore price will inch up gradually in the subsequent weeks because mills are expected to replenish their inventories in the short run.