Slight Rise in Imported Ore Profits; Inventory Pressures Persist

Publicado: Nov 4, 2024 10:56
According to the SMM imported ore cost and profit statement, profits from imported ore have risen slightly. As of November 1, total inventory monitored by SMM at 35 ports reached 150.1 million tonnes, an increase of 0.77 million tonnes from the previous week and 42.55 million tonnes year-on-year. The average daily port discharge volume of imported ore was 3.089 million tonnes, a decrease of 0.013 million tonnes from the previous week but an increase of 0.27 million tonnes year-on-year. Currently, there is still considerable pressure from accumulating port inventory, and steel mills' inventory replenishment fell short of expectations. Looking at this week, attention should be paid to the outcome of the Federal Reserve's interest rate meeting. It is expected that iron ore prices may fluctuate in the near future, and profits from imported ore may have some upside potential.

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