Imported ore cost and income on April 2

Global iron ore shipments rose by 12.3% week-on-week to 33.83 million mt last week. Among them, shipments from Australia and Brazil increased significantly. A total of 23.3 million mt of iron ore arrived at Chinese ports last week, down 4.13% week-on-week. Although the volume of cargo arriving at the port declined, it is still at normal quarterly levels. Supply has limited impact on iron ore prices. However, PMI data was released over the weekend, and the overall PMI value exceeded expectations, triggering market concerns about weak future policies. However, yesterday afternoon, news came out that special government bonds would be issued in the middle of this month, which boosted market sentiment and caused mineral prices to rise sharply. Considering that the impact of the news is limited, the fundamentals of iron ore have not changed much in the short term, it is expected that the rise in ore prices may not be sustainable, and may continue to fluctuate in the short term, and there is a risk of weakening profits from imported ores.