On May 24, inventory of iron ore at 33 major Chinese ports amounted to 116.55 million mt, down 100,000 mt or just 0.08 percent compared to May 17, as announced by China's Xinhua News Agency.
During the given week, import iron ore prices decreased sharply, following the continuous price decline in the steel market and moderate demand. Steelmakers’ profitability has decreased significantly and so they have been less willing to produce, which has weakened the support for demand for iron ore and ore prices. As the rainy season is approaching in eastern China, iron ore prices may edge down further.