China's iron ore price fell back in April thanks to loose supply. Monitored by the Ministry of Commerce (MOC), the domestic iron ore price averaged at 1,487.5 yuan/ton in April, down 4.95 percent over March. The MOC attributed the sliding price to an increase in supply and a decrease in steel output.
Statistics show that the output of iron ores reached 168 million tons, up 25.1 percent year on year. Meanwhile, the import of iron ore hit 111 million tons, up 10.5 percent year on year. However, the steel output reduced on economic deceleration, so that the demand for iron ore fell. The output of crude steel increased by 8.6 percent year-on-year, down 13.7% from a year ago, lower than the growth of iron ore supply.
Source: China Mining
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