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Imported Iron Ore Prices To Move Wildly This Week On Multiple Variables After Big Gains Last Week

iconJun 5, 2023 10:43
Source:SMM
SHANGHAI, Jun 5 (SMM) – Although many places were affected by high temperature or rain last week, the apparent demand for building materials increased significantly.

SHANGHAI, Jun 5 (SMM) – Although many places were affected by high temperature or rain last week, the apparent demand for building materials increased significantly. In addition, the Caixin PMI data showed that both manufacturing and non-manufacturing data were better than expected. These, coupled with the strike in Brazil and the suspension of railway lines in South Africa, pushed up iron ore prices sharply last week. The spot prices of PB fines at ports in Shandong rose 15-20 yuan/mt on a weekly basis.

Recent price rally and the need to achieve quarterly targets may drive overseas mines to ramp up shipments. With only a few blast furnaces under maintenance or resuming production, iron ore demand will be basically stable. Steel demand will continue to weaken in the off-season. Crude steel production cap policy may be implemented. In this context, imported iron ore prices may move wildly this week.

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