Average Price Index of Domestic Iron Ore Fell in April

SHANGHAI, May 11 (SMM) - The average price index of domestic iron ore fell 50 yuan/mt in April. On the macro front, the relevant departments made another speech on the price control, which weighed on the iron ore prices. In addition, the iron ore prices were under the pressure of falling demand as some steel mills in north-west and south-west China carried out maintenance and reduced the demand for iron ore amid the poor profits, weak sales and rising inventory.

In May, the demand for construction material is not optimistic, given the slow pace of real estate industry. The extremely low profits of steel mills and the high in-plant finished product inventory will further drag down the iron ore prices in May.