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

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.

More popular news

Fitch Says Falling Commodity Demand Causes Industrial Production To Cool Rapidly And Softer Commodity Prices Such As Copper Are Clear Signs Of Economic Slowdown

Key Takeaway from SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel and Stainless Steel Market Outlook 2023-2027 and Indonesia’s Critical Role in Attracting Chinese Investment 

ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Key Negative Developments In China

Fitch: Global Trade Is Slowing Sharply And May Grow Only 1.9% This Year

One Of China's Top Two Lithium Giant To Expand Capacity Aggressively As It Bets On Nev And Energy Storage Markets In The Long Run, Despite Cyclical Downturn Of Lithium Carbonate Prices

BHP Plans To Expand Iron Ore Production Aggressively

South China Battles Power Crisis, The Worst This Year

Tesla to Compete with Chinese NEV Rivals Using Redesigned Model 3 Soon, China Has Become Tesla's Second Largest Market after the US