According to a new report issued by the China Iron and Steel Association (CISA), as of March 31 this year imported iron ore inventory at Chinese ports totaled 163 million mt, up 3.26 million mt and 2.04 percent month on month and rising by 21.0 percent year on year.
According to the CISA, as of March 31 this year, the composite steel price index (CSPI) was down 10.78 percent compared to the end of last year, while import iron ore prices were down 9.17 percent to $63.6/mt in the given period. Import iron ore prices declined at a slower rate compared to steel prices.
In March, demand for finished steel from downstream users did not recover to the level market players expected. Finished steel prices and output declined month on month, which exerted a negative impact on demand for iron ore. Considering the ongoing oversupply of import iron ore, import iron ore prices are unlikely to indicate large increases in the coming month, the CISA said