According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 96.46 million metric tons on June 11, decreasing by 160 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 136, down one unit from prior week. Meanwhile, the prices for 58% iron ore were 115, also declining by one unit from previous week.
As the scorching weather goes on, we predict that the domestic steel consumption will slow down in the near future. In this context, the price for imported iron ore may also emerge a bearish tone in the upcoming future.