Iron Ore Futures Plunge 4.37% Amid Weak Market Sentiment; Prices Expected to Fluctuate Low

게시됨: Sep 3, 2024 16:47
Today, iron ore futures continued to tumble, with the main contract I2501 closing at 703.5, a full-day decline of 4.37%. Trading in the market was average today. The transaction price fell by 15-20 yuan/ton compared to yesterday's price; over the weekend, the August PMI data was released at 49.1, significantly lower than market expectations. This weakened market confidence in stronger demand during the peak season. Moreover, the lack of favorable policy support on the macro policy front further dampened market sentiment. Under such circumstances, steel mills face greater pressure in resuming blast furnace production, and the expected increase in molten iron output is weak, putting pressure on iron ore prices. However, considering that iron ore's current valuation is low, and the existing price has already restrained shipments from non-mainstream mines, there is limited downside potential for iron ore prices. It is anticipated that iron ore prices will fluctuate at a low level in the short term. .........

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