China iron ore port stocks fall to 97.05mln t by Feb. 9, Xinhua Index
BEIJING, Feb. 10 (Xinhua) -- The iron ore inventories at the 33 major Chinese seaports monitored fell 0.24 percent week on week to 97.05 million metric tons (tonnes) by February 9, according to the Xinhua-China Iron Ore Price Index (Xinhua-China IOP Index) released on Tuesday.
The index, compiled through research and analysis of 33 selected major seaports, shows that the price index for iron ore imports of 62 percent purity grade was unchanged from a week before at 62 by February 9; and the index for iron ore imports of 58 percent purity grade dropped 1 point to 53.
Prices of iron ore imports were weak during the period of February 3-9. Due to the approach of Spring Festival holiday (February 18-24), steel mills were not active in making inquiries and purchases, while ore traders also took a wait-and-see attitude.
Despite production suspension of the majority of domestic mine enterprises, supplies of iron ore on the domestic market remained sufficient. Therefore, the spot prices of iron ore is expected to remain weak around the Spring Festival holiday, said analysts.
Developed by Xinhua News Agency, the Xinhua-China Iron Ore Price Index (Xinhua-China IOP Index) is released every Tuesday on the Xinhua08 platform.
The index closely tracks changes of the country's iron ore market on the basis of in-depth surveys of China's major sea ports, iron ore traders, and steel makers, as well as analysis of Customs statistics, and serves as a reference indicator that is able to reflect changes in iron ore stocks in China.
The original data was collected via the global data and information collection network of Xinhua and put together with comments from industry experts in the iron and steel production, wholesale, and retail sectors. (Edited by Hu Pingchao, firstname.lastname@example.org)