Imported Ore Profits Decline Amid Weak Fundamentals and Declining Inventory

Publicado: Dec 23, 2024 10:06
According to the SMM Imported Ore Cost and Profit Table, the profit of imported ore continued to show a downward trend. As of December 20, the total inventory monitored by SMM at 35 ports was 145.85 million mt, down 810,000 mt WoW but up 30.23 million mt YoY. The daily port pick-up volume of imported ore averaged 3.132 million mt, down 109,000 mt MoM but up 670,000 mt YoY. Affected by annual maintenance at some steel mills and the pressure of environmental protection-driven production restrictions, pig iron production declined significantly. Coupled with falling ore prices, steel mills' purchase willingness weakened, leading to a notable drop in port pick-up volume. Looking into next week, the fundamentals of iron ore are expected to remain weak, with iron ore prices likely to continue fluctuating downward. The profit of imported ore is also expected to have some room for further decline.

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According to the SMM Imported Ore Cost and Profit Table, the profit of - Shanghai Metals Market (SMM)