Steel Futures Soar 4.58% on Strong Shipment Sentiment; Iron Ore Demand Weighs on Further Rally

Publicado: Aug 21, 2024 16:35
Today, steel futures opened high and continued to rise, with the main contract I2501 surging to a close at 742, marking a full-day increase of 4.58%. Traders' enthusiasm for shipments has significantly improved. Steel mills have become more cautious, with generally weak procurement intentions. Overall, the market trading atmosphere today was acceptable. Spot transaction prices rose by 15-20 yuan/ton compared to yesterday; meanwhile, expectations for improved demand during the peak season have strengthened, boosting market sentiment and driving a significant rise in ferrous metal commodities. However, this week, SMM reported that the blast furnace operating rate was 91.42%, a decrease of 0.95% from the previous week. The average daily output of molten iron from sampled steel mills was 2.2421 million tons, a decrease of 25,100 tons from the previous week. The demand for iron ore is still declining, and the pressure on iron ore remains, which may be insufficient to sustain further gains...

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Today, steel futures opened high and continued to rise, with the main - Shanghai Metals Market (SMM)