According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 98.26 million metric tons on July 9, increasing by 350 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 137, down two units from prior week. Meanwhile, the prices for 58% iron ore were 116, also sliding by two units from previous week.
At present, mills are pressurized by low-remained steel prices and high-remained input cost, most of them have begun to step into losses due to desolate procurement orders from final customer. Influenced by the above factors, China's steelmakers are reluctant to place iron ore procurement orders at this special time. As for the market prospect, experts said that the iron ore price may slide further in the near future owing to the domestic stagnant steel market situation.