The demand for building steel products weakened due to the adverse weather last week. Although the inventory of building steel products continued to decline, the destocking rate slowed down. Stronger inventory pressure on steel mills also dampened their purchases of iron ore. Combined with supervision by Chinese authorities, DCE iron ore prices remained weak.
Nonetheless, the high output of pig iron lowered the inventory of iron ore at ports sharply, providing strong support for spot prices.
The spot prices of PB fines in Shandong were stable last week.
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