According to the China iron ore price index of the Chinese state-owned Xinhua news agency, as of May 2 the price index for 63.5 percent grade iron ore imported into China reached 189, up two points week on week, while the price index for 58 percent grade imported iron ore was 157, up one point week on week.
Economic analysts with Xinhua news agency said that the start of the peak season of demand in the Chinese steel market this week might be the reason behind the increase in the price index.