According to the Xinhua-
China Iron Ore Price Index issued by
China's state-owned Xinhua News Agency, in the week ending May 21 the import price index for 63.5 percent Fe content
iron ore in
China stood at 138 points, down eight points week on week, while the import price index for 58 percent Fe content
iron ore stood at 116 points, down nine points week on week. As of May 21,
iron ore inventory at
China's ports totaled 98.03 million mt, up 210,000 mt week on week.
As stated by Xinhua News Agency,
iron ore demand in
China is currently lower than expected due to sluggish growth on the downstream side. Meanwhile, miners are lowering their expectations for Chinese
iron ore demand. The major Chinese steel mills have cut their ex-work prices, and
iron ore purchases by the mills have declined. Pessimism prevails among
iron ore traders, and so most of them are adopting a-wait-and-see attitude. Amid slack demand from downstream industries, the Chinese
iron ore market is expected to decline further in the coming period.