Home / Metal News / Steel & Iron Ore / [SMM News] stocks maintain low iron ore opening jump more than 3% to explore the 730 mark!
[SMM News] stocks maintain low iron ore opening jump more than 3% to explore the 730 mark!
May 29,2020 10:15CST
translation
Source:SMM
[SMM News: stocks keep low iron ore opening jump more than 3% to reach the 730 mark! In terms of iron ore port inventories, it has fallen to its lowest level in nearly three years. The downstream demand is good, maintain the depot to support the ore price, iron ore later mainly follow the finished wood operation. However, the latest news says that the steel mills in Tangshan take the distance from the city center as the standard, and the production limit of blast furnaces within 25 kilometers after June 1 is limited by 50%. In addition, the sharp increase in foreign mine shipments a few days ago has also greatly suppressed the rise in iron ore.
The content below was translated by Tencent automatically for reference.

SMM5 March 29: today's morning trading, ferrous metals generally opened high, of which iron ore main 09 contract once rose more than 3% to 729 yuan / ton.

In terms of iron ore port inventories, it has fallen to a new low in nearly three years. The downstream demand is good, maintain the depot to support the ore price, iron ore later mainly follow the finished wood operation. However, the latest news says that the steel mills in Tangshan take the distance from the city center as the standard, and the production limit of blast furnaces within 25 kilometers after June 1 is limited by 50%. In addition, the sharp increase in foreign mine shipments a few days ago has also greatly suppressed the rise in iron ore. Beware of heightening the downside risk again.

According to SMM, inventories at 35 ports tracked by SMM totaled 100.45 million tons as of May 22, down 1.33 million tons from the previous month and 17.84 million tons from a year earlier, the lowest level in nearly three years. The rigid demand for iron ore in domestic steel mills has led to a continuous decline in port inventory. Today, SMM will release the latest iron ore port data, which is expected to continue to decline. Please stay tuned later.

Scan the QR code and join the SMM metal communication group.

Iron ore
black series

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news