Iron ore imports start dwindling

Iron ore imports into China began falling in May as domestic daily steel output fell to 1.81 million tons that month. Data showed China imported 56 million tons of iron ore in May, down 2.5 percent from a year before and some 20,000 tons from the previous month. Transaction volumes were thin even though the spot prices of iron ore have shrunk to $150 per ton. Foreign miners in the pursuit of shot-term windfalls might have paid a price. Many domestic steelmakers and traders have virtually stopped booking iron ore for weeks. Iron ore stocks at ports reached 73.76 million tons, close to the record 74.13 million tons registered last September.