Global Iron Ore market continues bearishness

According to Hebei Daily, recently, Shanghai University and Changli County Dongwen Precise Machine Parts Co., Ltd. jointly completed the first development test of hydrogen-enriched smelting technology of blast furnace with pure hydrogen as blowing gas source in China.

Currently, the iron ore prices have been rising rapidly in contrary to the background that the supply and demand in the iron ore market has been stable and the port inventory has also been at a high level.

On February 18, the National Development and Reform Commission and other 11 central departments jointly issued a notice on a series of policies to promote stable growth of industrial economy.

The profits at steel mills increased, boosting the demand for iron ore. Besides, real estate credit policy may marginally loosen, boosting market sentiment and pushing up steel prices. Iron ore futures have risen for several days.  China's central bank, the People's Bank of China, will cut the reserve requirement ratio by 0.5 percentage point. Government also released the signal of “stabilising the real estate industry”. Iron ore prices surged 8.66% yesterday supported by multiple factors.

During the third quarter of this year, estimated iron ore shipment of Rio Tinto is expected to be higher than anticipation.

Shougang Hierro Peru will put the $1.5 billion worth of iron mine brownfield project into production in H2 2018, which is located in Marcona.

Spot steel prices in China soared on Friday. Spot billet prices in Tangshan gained RMB 100- 120 a ton, according to The Steel Index. 

Last week, prices of domestic ore held largely stable across China’s major markets, and what's the outlook for iron ore prices this week?

Steel major ArcelorMittal USA LLC has signed a new long-term contract with Cliffs Natural Resources Inc. towards supply of iron ore to its steelmaking facilities.

Turkish HMS 1/2 80:20 scrap import average prices (CFR Iskenderun Port, Turkey) gained sharply by $27 a ton week-on-week to $310 a ton during the week ended April 29.