SHANGHAI, Mar. 25 (SMM) – The price of domestic iron ore is expected to level out this week, Shanghai Metals Market’s ferrous branch Steelease foresees.
Continuous declines of imported ore continued to weigh down domestic ore, but supply tightening and demand improvement should give a support to domestic ore market, Steelease expects.
Production at construction sites is expected to resume in late March or early April, and this will further improve conditions at steel mills, which saw profits recovering from recent gains in rebar and hot-rolled steel products, according to Steelease survey.
Supply of domestic ore is low so far this year compared with the level in past few years. Some SOEs cut or plan to reduce output. Besides, shipments of imported ore arriving between late March and early to mid-April will be limited, which will deter ore prices from falling further.
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