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[SMM Express] the decline in iron ore has widened to 5 per cent and the futures price has fallen below the 800th mark.
Sep 16,2020 14:42CST
The content below was translated by Tencent automatically for reference.

SMM9 March 16: iron ore i2101 contract continued to decline in early afternoon trading, with futures prices falling as low as 792.5, down more than 5%. Recently, the black department as a whole showed a weak pattern of strong ore, and yesterday's real estate data was lower than expected, and the expectation of strong demand for steel failed, causing the market to worry about steel production in the later period, and the iron ore raw material end fell under pressure.

Moreover, SMM tracking data show that a total of 89 ships arrived at China's main ports from September 6 to September 12, and the incoming cargo volume is expected to be 14.64 million tons, an increase of 540000 tons over the previous period. during the period, Australia's port departure increased significantly by 1.57 million tons to 16.02 million tons, while Brazil's port departure increased by 1.07 million tons to 8.67 million tons, an increase of 2.58 million tons over the same period last year, an increase of more than 42 percent. According to preliminary figures from the Brazilian Ministry of economy, Brazil exported 17.34 million tons of iron ore in the eight working days of the first two weeks of September, the highest level so far this year, up from an average of 2.006 million tons per day in the first week.

In addition, Brazil exported 25.25 million tons of iron ore to China in August, a record high in a single month, and pressure on the supply side of iron ore continued to rise.

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