Iron Ore Futures Fell Last Week Due To Market Pessimism

The People's Bank of China announced at the beginning of the week that the one-year and five-year Loan Prime Rate remained unchanged at 3.65% and 4.30%. The market's expectations of interest rate cuts failed to realise. It was circulated that crude steel production this year will not be allowed to exceed last year, and market concerns about reduced demand for iron ore grew.

The market confidence weakened and prices fell sharply. In the off-season, the apparent demand for building materials has dropped again, and the market pessimism has increased.

Global shipments totalled 30.79 million mt last week, up 4.4%. The daily arrivals increased 3.22 million mt to 25.18 million mt last week. Iron ore supply increased. However, the current operating rates of steel mills are high, and the demand for iron ore is supported. It is expected that prices will remain weak this week.

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