According to Xinhua Iron Ore Price Index, the iron ore inventories in Chinese 25 main ports came to 98.43 million metric tons on November 7, rising by 0.68 million metric tons or 0.69% as compared to prior week. Meanwhile, the price index for the imported iron ore with grade of 63.5% and 58% amounted to 131 and 104 respectively, both had improved by three units vs previous time.
It is reported that China Steel Association has negotiated with BHP, Vale and Rio Tinto on the new mode of iron ore pricing. Thus if the new iron ore pricing mode can not be hammered out, the domestic steelmakers will not increase their procurement orders. In this context, deals in the iron ore market will still be few and far between in the short run.