According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 98.03 million metric tons on May 21, increasing by 210 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 138, down eight units from prior week. Meanwhile, the prices for 58% iron ore were 116, declining by nine units from previous week.
Battered by the desolate transaction steel deals in the market, mills have basically ceased their iron ore procurement activities. Meanwhile, the overseas iron ore supplier also have slashed their expectations for China's iron ore demand and begun to cut their iron ore prices. In this context, experts said that the price for imported iron ore may dip further in the near future.