Publicado: Jun 24, 2024 16:49
Today, the iron ore futures market experienced a sharp decline. The main contract closed at 795.5, a daily decline of 3.11%. Traders' enthusiasm for shipments was poor; steel mills were mostly cautious and waiting to see, just filling their needs. The overall market transaction atmosphere was bleak today. Transaction prices fell by 20-25 yuan/ton compared with last Friday; currently, both iron ore shipments and arrivals are at seasonal highs. Although there is still room for iron and steel production to increase this week, the overall supply remains loose. At the same time, high port inventory suppressed the ore price. Coupled with the frequent occurrence of extreme weather in recent days, the market held a pessimistic attitude towards terminal demand, and it is expected that the ore price will continue to show a weak volatile trend in the short term.

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