Ore Prices may Fluctuate Widely This Week

SHANGHAI, Mar 21 (SMM) - Since the beginning of last week, the supply of iron ore tightened and the demand remained strong. However, ore prices fluctuated widely amid the intertwining of bullish and bearish factors. In particular, the credit crisis in Europe and the United States caused by the Silicon Valley Bank weighed on the prices of global commodities market. As such, the prices of iron ore fell under pressure last Thursday. In terms of spot prices at ports, the spot prices of PB fines in Shandong gained 15-20 yuan/mt on the week. Looking at this week, with a slight increase in global shipments at the end of February, it is expected that the arrivals at Chinese ports may continue to increase. In terms of demand, BF-based steel mills in east China and north-west China will continue to resume production this week, hence there is still room for increase in pig iron output.