CICC: there is some support for short-term iron ore prices

SMM News: China International Capital Corporation said that iron ore has performed well among many industrial products so far this year, rising about 35% since the beginning of the year. The dominant price is China's fast-growing demand for iron ore this year. China's demand for iron ore in the first half of the year was about 50 million tons more than the same period last year. Against the backdrop of supply disruption in the first half of this year, iron ore fundamentals are supported by both supply and demand. These factors have contributed to the rise of the entire industrial products sector. There is some support in short-term iron ore prices. However, with the gradual transfer of port resources to the port inventory and the reduction of the mainstream Australian powder ratio by steel mills, the contradiction in the variety structure of port inventory may be alleviated.