Publicado: Feb 27, 2024 09:54
According to SMM's import ore cost profit outlook, import ore profit has weakened again; yesterday, the market reported a substantial increase in the amount of Ukraine fine powder exported to China in January. In addition, last Friday, port inventories were significantly higher before the holiday, causing the market sentiment to be predominantly pessimistic. Furthermore, feedback from Shanxi steel mills today indicates that downstream demand has been temporarily stalled due to weather conditions. Although coke prices have fallen, steel mills are still operating at a loss, so blast furnace production continues to be delayed. However, recent iron ore supply has been reduced due to the impact of the Australian cyclone and the Brazilian heavy rainfall. Coupled with steel mill inventories returning to low levels again, it is expected that spot purchases will increase, providing short-term support to stabilize ore prices. It is expected that import ore profits will stabilize in the short term.

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