Iron ore prices for delivery at the Chinese port of Chengdu fell by 5.8% to $53.47 per metric ton at the end of the week, after reaching $70 last month.

Iron ore prices had been declining amid recent volatility, while forecasts indicate that more supplies will enter the market during the second half of the year, which will negatively impact price movements.

It is worth noting that prices rose 23% at the beginning of 2016, following a three-year decline coinciding with global supply growth that outpaced demand.

Prices fell from over $190 per metric ton in 2011, with the decline continuing until they reached just under $40 per metric ton in 2015.

Forecasts indicate that shipments from the two largest iron ore suppliers—Brazil and Australia— 7% to 393 million metric tons and 10% to 846 million metric tons, respectively, this year.