Import iron ore prices in China continued to rebound in May, while it is expected that prices will indicate slight fluctuations in the coming period, as stated in a new report issued by the China Iron and Steel Association (CISA) on June 11.
At the end of May this year, the China Iron Ore Price Index (CIOPI) stood at 221.18 points, up 11.59 points or 5.53 percent month on month. In particular, the domestic production iron ore price index stood at 214.04 points, up 2.09 points or 0.99 percent month on month, while the import iron ore price index stood at 223.18 points, up 14.26 points or 6.83 percent month on month.
For the whole of May, the average China Iron Ore Price Index (CIOPI) was at 218.44 points, up 25.07 points or 12.96 percent month on month. In particular, the average domestic production iron ore price index was at 213.61 points, down 0.48 points or 0.22 percent, while the average import iron ore price index stood at 219.8 points, up 32.2 points or 17.17 percent, both month on month.
As stated by the CISA, the iron ore market will continue to face oversupply, while iron ore inventory levels at Chinese ports will likely increase as some miners will resume production operations which they had previously suspended.