Iron Ore Prices Decline, Market Atmosphere Desolate

Publicado: Nov 8, 2024 17:05
Today, iron ore prices fell from high levels, with the main contract I2501 closing at 776, marking a daily decline of 1.65%. Traders' willingness to ship goods weakened; steel mills adopted a cautious wait-and-see approach, with weak purchasing intentions. The market trading atmosphere was desolate today. Transaction prices fell by 15-20 yuan/ton compared to yesterday; as of November 8, the total inventory monitored by SMM at 35 ports reached 148.39 million tonnes, a decrease of 1.71 million tonnes from the previous week but an increase of 37.64 million tonnes year-on-year. The average daily port discharge volume of imported ore was 3.052 million tonnes, a decrease of 37,000 tonnes from the previous week but an increase of 160,000 tonnes year-on-year. Steel mills remain inactive in procurement, and it is expected that iron ore port inventories will continue to increase in the future...

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