According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 97.11 million metric tons on April 23, increasing by 0.82 million metric tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly 150, down two units from prior week. Meanwhile, the prices for 58% iron ore decreased by one unit from previous week to 130.
Influenced by the low profitability, thus mills are becoming very cautious about their procurement activities. As for the market prospect, we thought that the iron ore price will continue its soft trend in the short run.