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Iron ore prices have been on a downward trend following a period of consolidation. Recent data from the China Iron and Steel Association reveals that from May 20 to May 24, the iron ore price index dropped to 461.63 points, a decrease of 16.49 points compared to the previous week, marking a 3.45% decline. This brings the price back to levels seen at the start of the year.
Domestically, the average price of iron ore remained steady at 921.76 yuan per ton, while the average landed price of imported iron ore fell by $6.27 per ton to $136.04, translating to a tax-inclusive price of 984.72 yuan per ton.
On the Chinese iron ore spot trading platform, several sellers have been lowering prices to attract buyers. According to a source from Beibei Mine, one international spot transaction involved inventory that was actively negotiated down after the buyer submitted a low counter-offer. After multiple rounds of bargaining, the deal was finally made. "This shows the strong willingness of sellers to move their cargo in the current market," the source said.
In addition to the spot in transit, another seller reportedly reduced its asking price multiple times but still failed to generate significant interest. The transaction ultimately did not result in a sale, highlighting the weak demand in the market.
Industry insiders note that the iron ore spot market has been under pressure, with declining sentiment and a strong wait-and-see attitude among participants. The May manufacturing PMI fell to 49.6%, indicating a contraction in activity. Given this economic outlook, it is expected that the iron ore market will remain weak in the near term, with further price declines likely if demand does not pick up soon.