Imported Ore Profit Margins Dip; Inventory Up YoY, Demand Weakens

Publicado: Aug 26, 2024 10:40
According to the SMM imported ore cost-profit statement, the profit of imported ore has declined slightly; as of August 23, the total inventory of 35 ports tracked by SMM reached 147.13 million tons, a decrease of 30,000 tons from the previous month and an increase of 30.02 million tons year-on-year; the average daily port unloading volume of imported ore was 2.899 million tons, a decrease of 187,000 tons from the previous month; during this period, the number of ships waiting to unload at ports increased. In terms of unloading, steel mill profits continued to be under pressure, coupled with the recent rebound in iron ore prices, steel mills mainly purchased on demand. Overall, iron ore demand remains weak, and ore prices are under pressure with low-level fluctuations. It is expected that the profit of imported ore may have a small downward space.

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According to the SMM imported ore cost-profit statement, the profit of - Shanghai Metals Market (SMM)