According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 97.46 million metric tons on July 2, increasing by 700 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 139, down one unit from prior week. Meanwhile, the prices for 58% iron ore were 118, also sliding by one unit from previous week.
After the tentative procurement orders from mills, the iron ore market has turned tranquil again. As for the market prospect, experts said that the iron ore price will fluctuate at soft levels in the near future regarding of the demands from mills are negative due to stagnant steel market.