According to a report issued by the
China Iron and Steel Association (CISA) on June 3, whereas in the fourth quarter and the first half of the first quarter of every year
construction projects in
China always slow down due to New Year and Spring Festival Holidays, as of March every year
construction sites in
China resume operations, with workers returning from holidays, resulting in the peak season for the steel industry. However, unlike previous years, in the months of April and May this year
China's steel industry has not seen a good performance, resulting in a declining trend in finished steel prices. It is expected that in the third and fourth quarters this year
China's steel industry will come under increased pressure, which will also exert a negative impact on prices of imported
iron ore. Accordingly, it is thought that import
iron ore prices in
China may fluctuate at around $60/mt in the second half of this year, while it is not excluded that prices could move down below $50/mt.