Imported Ore Profits Rise Slightly Amid Inventory Increase, But Outlook Remains Volatile

Published: Sep 9, 2024 10:04

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According to SMM's imported ore cost-profit statement, profits from imported ore have increased slightly. As of September 6, the total inventory of 35 ports tracked by SMM amounted to 150.72 million tons, an increase of 250,000 tons month-on-month and 35.05 million tons year-on-year. Recently, iron ore prices have continued to decline sharply, coupled with the low inventory of steel mills, which have a certain demand for restocking. The average daily volume of imported ore discharged from ports has increased by 50,000 tons month-on-month to 2.919 million tons. Steel mill profits have recovered recently, accelerating the pace of blast furnace resumption; coupled with the restocking before the Mid-Autumn Festival, it is expected that iron ore demand will rebound next week, and fundamentals will continue to improve. However, considering the intensified market concerns about economic recession, the market atmosphere is relatively sluggish, and the apparent demand for steel is weak. It is expected that iron ore prices will have difficulty rebounding significantly in the short term and may continue to show a weak and volatile trend. It is expected that the profits from imported ore may decline slightly.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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