According to Xinhua-China iron ore price index, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 97.82 million metric tons on May 14, increasing by 60 thousand tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly at 146, down two units from prior week. Meanwhile, the prices for 58% iron ore were 125, declining by three units from previous week.
Impacted by the abundant materials in the market and desolate purchasing orders from final customers, China's steel price has softened gradually. Hence, mills are also becoming more and more prudent about their iron ore procurement activities. Under this circumstance, we thought that the domestic iron ore price may continue emerge a bearish tone in the short run.