According to Xinhua-China iron ore price index recently, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 98.16 million metric tons on March 5, dropping by 0.65 million metric tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly 147, up two units compared to prior week. Meanwhile, the prices for 58% iron ore also increased by one unit from previous week to 125.
Even though the iron ore price index has ramped up softly vs previous time, the odds for further price hikes are slim because transaction deals clenched are very sparse at present. As for the future, experts said the domestic iron ore inventories will continue rolling back considering of the approaching high season for steel products.