The government-owned China Iron and Steel Association (CISA):
- Prices of imported iron ore are expected to fall further because of oversupply
- Average iron ore import prices fell 4.65% m/m in April
- Cites weak demand, very high iron ore inventory and banks’ tightening of iron ore trade financing
- Inventories of imported iron ore at major ports hit a record high of 112.63 million tons at the end of April, up 66% y/y while China’s pig iron production only increased 0.1% during the first three months
And they ain’t talking their book, OK?
