According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 97.24 million metric tons on May 28, decreasing by 790 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 136, down two units from prior week. Meanwhile, the prices for 58% iron ore were 115, declining by one unit from previous week.
Impacted by Chinese comparatively weak steel market, many overseas iron ore suppliers have cut their iron ore prices. Given to the high-remained crude steel production in China, we deem that the prices both for steel products and iron ores will continue their weak trend in the short run.