According to a new report issued by the China Iron and Steel Association (CISA) on June 12, in the first five months of the current year China produced 297.12 million mt of pig iron, down 2.4 percent, while it imported 378.07 million mt of iron ore, down 1.1 percent, both year on year. As the end of May, inventories of imported iron ore at ports in China amounted to 83.31 million mt, down 28.11 percent year on year.
Meanwhile, the composite steel price index (CSPI) for the Chinese domestic market was at 70.32 points at the end of May, down 2.87 points or 3.92 percent month on month.
The CISA foresees that China's steel industry will continue to face a tough situation due to the ongoing rebound seen in iron ore prices and the declining trend of finished steel prices.