According to report released by China Iron & Steel Association (CISA), the China Iron Ore Price Index (CIOPI) fell in May.
The CIOPI was at 479.53 points in the week ended on May 25th, decreasing by 3.83% week on week
CISA indicated that the country's steel oversupply and sluggish demand will affect the demand for iron ore in the near future.
In addition, China's iron ore output and import values of iron ore have both surged in the first four months of this year.
Affected by these factors, it's predicted that the iron ore prices would stay in downward trend in the short term.