Iron Ore Prices Volatile; Market Outlook Weak Amid Production Changes

Published: Nov 13, 2024 17:14

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Today, iron ore prices continued their volatile trend. The main contract I2501 closed at 762.5, with a full-day decline of 0.20%. Traders shipped goods as per market conditions; steel mills made cautious inquiries and mostly adopted a wait-and-see attitude. The market trading atmosphere was desolate today. Transaction prices remained stable compared to yesterday's levels; this week, there was a significant resumption of production at five blast furnaces, combined with the commissioning of a new blast furnace. Looking ahead to next week, some steel mills in the northwest region still have plans for winter shutdowns of their blast furnaces. Coupled with recent contractions in steel mill profits and the current pressure of environmental production restrictions, blast furnace maintenance may accelerate, and it is expected that molten iron production will decline again. The future supply and demand dynamics of iron ore will weaken on both sides, and it is anticipated that ore prices will fluctuate within a narrow range...

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