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[SMM News] Iron ore futures break through the 800th mark and reach a high in nearly a year.
Jul 9,2020 10:35CST
translation
Source:SMM
At the opening of trading this morning, iron ore once extended the rising trend of night trading, breaking through 800 points in one fell swoop, a nearly one-year high. But then the upward momentum was insufficient and fell back. As of press time, the iron ore 09 contract rose 0.9% to 788 yuan / ton. Thread and hot coil main contracts are up more than 3700 points.
The content below was translated by Tencent automatically for reference.

SMM7 March 9: when trading opened this morning, iron ore once extended the rising trend of night trading, breaking through 800 points in one fell swoop, a high for nearly a year. But then the upward momentum was insufficient and fell back. As of press time, the iron ore 09 contract rose 0.9% to 788 yuan / ton. Thread and hot coil main contracts are up more than 3700 points.

Iron ore futures rose to their highest level in nearly a month yesterday as news of the Brazilian president's confirmation of the epidemic spurred the iron ore market. At present, the epidemic situation of new crown pneumonia in Brazil is still grim, with the cumulative number of confirmed cases and deaths ranking second in the world, and the inflection point of the epidemic in Brazil has not yet arrived.

Iron ore spot, as the mainstream powder ore varieties are still tight, superimposed with a slight rebound in steel mill profits, steel mills still favor the mainstream medium-and high-grade ore, for the port spot price has a certain support.

However, according to SMM, the operating rate of blast furnaces in the second week of July was 90.1 per cent, down 0.06 per cent from last week. The continuous decline in the operating rate of blast furnace restrains the rising trend of iron ore to a certain extent.

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