According to Xinhua-China iron ore price index recently, the domestic imported iron ore stockpiles in Chinese 25 main ports reached 98.58 million metric tons on March 12, increasing by 0.42 million metric tons compared to previous week. At the same time, the price index for imported 63.5% iron ore was roughly 147, unchanged from prior week. Meanwhile, the prices for 58% iron ore decreased by one unit from previous week to 124.
Impacted by the desolate transaction deals, steelmakers have suffered from giant losses and most of them have reduced the iron ore procurement activities. Meanwhile, the rising home-made iron ores also give some pressures to the imports. Thus the price for iron ore has begun to soften gradually. As for the market prospect, we predict that the price for iron ore imports will continue its downward trend in the upcoming future.