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[SMM Express] demand soared by more than 3 per cent in tandem to a nearly two-month high
May 8,2020 14:36CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 month 8: today's iron ore futures opened low after the rapid rise, and then has been high shock rose more than 3%, has been rising for 5 consecutive days. As of 14:36, the iron ore 09 contract rose 2.27% to 631.5 / ton.

As a result of the "May 1" holiday steel storage demand greatly increased, the amount of dredging by steel mills to replenish the storage led to a significant increase in ring ratio. And yesterday downstream steel data show that the national inventory continued to decline, downstream steel mills demand is good; and according to SMM, recently some EAF steel mills affected by scrap procurement difficulties, some markets even appear in short supply, departmental steel mills tend to blast furnace production. Considering that some steel enterprises still have replenishment demand after the festival, the demand end of iron ore is still expected to increase steadily, and the import price may continue to fluctuate in a narrow range.

 

Risk hint: in the later stage, we should pay attention to the production restriction policy in Tangshan and other regions, and at the same time pay attention to the fact that miners may increase the proportion of shipments to China as a result of the sudden drop in demand from foreign steel mills. "Click to view SMM iron ore arrival data."

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