According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 97.76 million metric tons on May 7, increasing 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 at 148, down two units from prior week. Meanwhile, the prices for 58% iron ore were 128, also declining by two units from previous week.
Even though May belongs to the traditional high season for steel consumption, mills are still very prudent about their iron ore procurement activities. According to feedbacks, mills current prefer to purchase the domestic low-priced iron ores rather than the imported materials. Thus the iron ore price may continue its soft trend in the short run.