China Iron and Steel Association said prices of key raw materials including
Coking coal, coke, ferroalloys and scrap steel remain elevated, increasing cost
pressure on steelmakers.
Officials noted that amid Middle East tensions, higher oil prices have pushed up
mining and shipping costs and lifted inflation expectations. Despite iron ore
port inventories reaching a record 170 million tons in April, imported iron ore
prices remain range-bound at $105–110/ton.