Iron Ore Prices to Remain Rangebound with some Upward Potential

SHANGHAI, Feb 22 (SMM)－At present, the prices of iron ore are still affected by the macro and news factors. The supply remains tight, and the pig iron output also grows slowly, thus the supply and demand relationship has not changed much. Driven by the rebound in downstream demand, the market sentiment was relatively optimistic, and the purchases of raw materials increased. However, the high in-plant inventory of finished products held by steel mills will greatly suppress the mills' production enthusiasm in the short term. Besides, the mills' raw materials procurement will also be dragged down by rising iron ore prices. Iron ore prices are expected to move rangebound with some upward potential.