Iron ore prices oscillated downward

After the iron ore price experienced a period of pre-consolidation, the price of iron ore has recently dropped continuously. The latest data from the China Iron and Steel Association shows that from May 20 to May 24, China's iron ore price index was 461.63 points, down 16.49 points from the previous week, a decrease of 3.45%, which has already fallen back to the level of the beginning of the year.

Data show that last week, the average price of domestic iron ore was 921.76 yuan per ton, unchanged from the previous week; the average landed price of imported iron ore was 136.04 US dollars per ton, down by 6.27 dollars per ton from the previous week. The tax-inclusive price is 984.72 yuan/ton.

Recently on the Chinese iron ore spot trading platform, a number of sellers reduced prices to facilitate transactions. According to a person from the Beibei mine, an international spot in the recent transaction was in stock. Under the condition that the buyer’s counter-offer price was low, the seller actively responded by lowering the price, and after several rounds of bargaining, the buyer finally made a bid. "The transaction process reflects the strong willingness of the seller to ship in the current market environment." The source said that in addition to the international spot in transit, there was another selling report with the same subject, the seller repeatedly lowered the price, but still high On the same day, the transaction price has failed to attract buying interest.

Insiders pointed out that the iron ore spot market has been in a downtrend and the market sentiment has been declining. The wait-and-see atmosphere is strong. From May's PMI to 49.6%, the manufacturing index returned to the contraction range. It is expected that the iron ore spot market will remain weak in the near term.