Dalian Iron Ore Futures Fluctuate Upwards Despite Sluggish Transactions

Publicado: Dec 23, 2024 17:02
Today, Dalian iron ore futures opened lower but moved higher throughout the day, fluctuating upward. The most-traded I2505 contract finally closed at 780 yuan/mt, up 0.84% for the day. Market transactions were sluggish today. Transaction prices rose by 5-10 yuan/mt WoW from last Friday. SMM reported global iron ore shipments at 32.53 million mt, up 1.8% WoW. Among them, Australia's shipments decreased slightly by 4.3% WoW, while Brazil's shipments surged significantly by 29.6% WoW. With earlier influencing factors subsiding, Brazil's shipments increased notably this week. Iron ore supply remains ample. Additionally, pig iron production is still expected to decline this week. Considering that steel mills have gradually started pre-holiday restocking, traders' sentiment to stand firm on quotes is relatively strong, which may provide some short-term support for ore prices.

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