Undeterred by port clearance in Australia and heavy rains in Brazil, actual overseas shipments remained high, but falling unloading efficiency in haze weather in many places of China resulted in the free-fall in port arrivals last week. Thanks to high inventory at ports, iron ore supply was not tight. Slightly pig iron output hike amid restart of some BFs in East and North China and falling in-plant stocks of steel mills added iron ore spot transactions last week. However, finished product demand remained muted. Apparent demand and inventory were lower than expectations, making market sentiment pessimistic. Iron ore prices kept dipping. In terms of spot prices at ports, the spot prices of PB fines in Shandong dropped 49 yuan/mt WoW.
Looking at this week, with planned restart of some steel mills in northern China, pig iron output will still mount, while softness in real estate sales and construction conditions may make it difficult for construction demand to shoot up. Piling-up of steel inventory will tame iron ore prices. In addition, macro front will be relatively came after the end of the Two Sessions this week. It is expected that iron ore prices may keep swinging narrowly. It is expected that iron ore prices may keep swinging narrowly.
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