Chinese iron ore stockpiles at China Port are 91.56 million tons

According to the Xinhua News Agency's report “Xinhua-China Iron Ore Price Index” shows that as of May 2, China's port iron ore stocks (25 coastal ports) was 91.56 million tons, a decrease of 980,000 tons from last week and a month-on-month decrease of 1.06%. . China's imported iron ore price index with a grade of 63.5% was 189, an increase of 2 units, and the 58% grade iron ore price index was 157, an increase of 1 unit.

Xinhua News Agency analysts believe that since the beginning of this week, the Chinese steel market will gradually enter the traditional peak demand season. Affected by this, this week's inventory of imported iron ore ports has decreased compared to last week, and iron ore prices have stabilized. There is a rising trend, but the overall market turnover is still relatively light. As the iron ore market continues to operate at a high level, the current price inversion phenomenon in steel mills is widespread. Most steel mills have still not been able to enter full-load operation and are still cautious about purchasing iron ore raw materials.

On the other hand, due to strong inflation expectations, the downstream of the steel industry includes major industries such as autos and real estate, which are facing falling production and sales respectively. In the first quarter, China's steel output increased by 9.5% and 14.2% year-on-year and the growth rate was noticeably accelerating. It is necessary to further observe whether the downstream industry can absorb new output. On the whole, it is less likely that the demand for imported iron ore will increase substantially in May.