Iron Ore Profits Plunge Amid Falling Output, Production Restriction Rumors

Publicado: Aug 15, 2024 09:27
According to SMM's import ore cost-profit statement, the profits from imported ore have fallen sharply; on August 14, the blast furnace operating rate recorded by SMM was 91.42%, down 0.95% from the previous month. The average daily output of molten iron from sampled steel plants was 2.2421 million tons, a decrease of 25,100 tons from the previous month. The output of molten iron continued to decline significantly. Meanwhile, market rumors suggested that Tangshan might implement crude steel production restrictions, which intensified market concerns and led to a sharp drop in iron ore prices. Considering the potential rebound in molten iron production next week, coupled with the approaching peak season, downstream demand may experience marginal improvement, and the downside potential for ore prices is expected to be limited, with prices mainly fluctuating weakly. It is projected that the profits from imported ore will continue to operate weakly.

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