Iron Ore Prices Fluctuate at Low Levels Amid Poor Trading Sentiment and High Port Inventories

Publié: Aug 16, 2024 17:01
Today, iron ore prices opened high but closed low, with the main contract I2501 finally closing at 697, a daily drop of 0.99%. Some traders closed their positions and did not sell. Steel mills showed poor purchasing intentions. The overall market trading atmosphere was desolate today. The transaction price fell by 5-10 yuan/ton compared with yesterday; As of August 16, the inventory of 35 ports tracked by SMM reached 147.16 million tons, an increase of 490,000 tons from the previous month and 29.83 million tons from the same period last year. The average daily port clearance volume of imported ore was 3.086 million tons, an increase of 120,000 tons from the previous month but a decrease of 88,000 tons from the same period last year. This week, iron ore prices hit a new low, and steel mills replenished their inventories at low prices. The increase in spot trading volume drove the port clearance volume to continue to rise. This indicates that iron ore demand is still supported. Considering that it is difficult for terminal demand to improve substantially, it is expected that ore prices will continue to fluctuate at low levels...

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