SHANGHAI, May 22 (SMM) - The Bureau of Statistics released real estate data last week, which shows that the overall real estate market is in a period of adjustment and is expected to gradually stabilise in the next stage, somehow restoring confidence the iron ore market. Subsequently, the National Development and Reform Commission proposed measures to increase medium and long-term loans for the manufacturing industry and to stimulate new energy vehicle consumption, which boosted market sentiment. The pressure of finished product inventories on steel mills has eased, and their profit margins have recovered slightly, supporting iron ore consumption.
The iron ore market is not in severe oversupply. Iron ore futures prices will see upside room this week, driven by strong expectations for policy stimulus.
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