Publicado: Feb 26, 2024 09:53
Iron ore futures fell more than 2% as pre-holiday port stocks accumulated significantly, suppressing prices. On the first day back after the holiday, iron ore futures plummeted. The decline continued after today's opening, with a drop of 2.38% as of 9:51, reaching 882.5 yuan per ton. According to data from SMM research, as of February 23, the total inventory of 35 tracked ports by SMM reached 132.64 million tons, an increase of 4.46 million tons from before the holiday, a decrease of 5.47 million tons year-on-year. The daily average port clearance of imported ore was 2.6 million tons, a decrease of 331,000 tons from before the holiday, and a decrease of 473,000 tons year-on-year. The accumulation of port stocks during this period has exerted certain pressure on the ore price. In the later period, as the pace of steel mills to replenish stocks accelerates, the accumulation of port stocks may slow down. But at present, it is difficult to refute the downstream demand, and it is expected that the ore price will continue to operate at a low level with fluctuations.

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Iron ore futures fell more than 2% as pre-holiday port stocks accumula - Shanghai Metals Market (SMM)