Iron Ore Profits Remain Steady, Inventory Rises as Market Awaits Demand Rebound

Published: Sep 2, 2024 10:19

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According to the SMM imported ore cost-profit statement, the profits of imported ore basically remained flat on a week-on-week basis compared to last Friday; as of August 30, the total inventory of 35 ports tracked by SMM reached 150.47 million tons, an increase of 3.34 million tons from the previous week and 32.27 million tons year-on-year; the average daily volume of iron ore unloaded from ports was 2.87 million tons, a decrease of 30,000 tons from the previous week and 150,000 tons year-on-year. Recently, iron ore prices have started to rebound, putting pressure on steel mill profits, with most steel mills adopting a demand-based procurement strategy, leading to a slight decline in the volume of iron ore unloaded from ports. The port inventory has once again increased significantly, suppressing the rise in iron ore prices. However, considering the expected improvement in future terminal demand, iron ore demand may increase, and it is expected that iron ore profits will have some room for upside in the short term.

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