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[SMM analysis] ignoring the impact of the epidemic on iron ore imports at the later stage of year-on-year increase or continued pressure
Apr 14,2020 14:25CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM4, March 14: China imported 85.913 million tons of iron ore in March and 176.84 million tons in January-February, according to data released by the General Administration of Customs today. In the first quarter, China imported 262.732 million tons of iron ore, up 1.3 per cent from 259.329 million tons in the same period last year.

Due to the impact of the epidemic in March, the domestic supply of iron ore was limited, and the price of imported ore fell in late March. With the increase of domestic ore supply and the decrease of domestic mineral price ratio, SMM predicts that the price of domestic ore will be stable and weak in the later stage. The global epidemic has led to weaker demand for overseas iron ore and production restrictions in Tangshan in April, and the import market is expected to remain under pressure at a later stage.

The latest arrival data show that the proportion of Australian iron ore shipments to China continues to rise, with the last period's inward cargo volume increasing by 400000 tons over the previous month. The supply side of iron ore continues to accumulate, and the short-term domestic demand side increases with the increase of blast furnace operation rate, but the medium-and long-term supply increment continues, and the demand increment is restrained by the spread of overseas epidemic situation, and the point of view of iron ore price pressure remains unchanged.

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