Imported Iron Ore Prices At Domestic Ports To Fluctuate Strongly As Steel Inventory And Apparent Demand May Perform Well

SHANGHAI, Jun 8 (SMM) –The most-traded DCE 2309 iron ore contract was volatile yesterday, closing up 0.06% at 770 yuan/mt. Traders held offers firm, and steel mills restocked as needed. The wait-and-see sentiment in the market intensified, and the overall transaction was poor. The transaction prices of PB fines in Shandong were mostly 815-828 yuan/mt, which was 2-10 yuan/mt lower than a day earlier. China’s iron ore import volume in May was 96.18 million mt, an increase of 6.3% month-on-month and 4% year-on-year. The growth was mainly due to recovering shipments after impact of seasonal factors faded. According to SMM data, Brazil's shipments increased significantly from April to May, while Australia’s shipments fluctuated slightly. In view of a shorter month and seasonal factor, SMM expects iron ore arrivals at Chinese ports to drop slightly in June. Considering that today's steel inventory and apparent demand may perform well, it is expected that ore prices may still fluctuate strongly today.

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 

Tragedy of Electric Car Catching Fire Immediately After Collision In China’s Hangzhou City Renews Concerns Over Safety Of Nickel-Manganese-Cobalt (NMC 811) Battery

Oil Price Downturn To Reverse? Saudi Arabia "Declares War" On Bears, Bulls Betting On $100/barrel

China’s Central Bank Makes Huge Cash Withdrawals Today

Rumours Say Yunnan Will Grant 2 Million Kw Power To Local Aluminium Smelters To Resume Production After Being Disturbed By Power Rationing

Daily Updates on SHFE Base Metals and Stainless Steel Warrants, With Nickel Critically Low

Moody's Says US Debt Crisis And Abuse Of Sanctions Will Threaten US Dollar’s Dominance

South China Battles Power Crisis, The Worst This Year

Manufacturing PMI In Euro Zone And Germany Both Pick Up In May, But Still In Contraction Territory

Aluminium Ingot Inventories In China Fall To Alarmingly Low Level

Tightening Crackdowns Threaten To Tighten Iron Ore Supply In China

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

China’s Lithium Carbonate Output Recovered Noticeably In May And On Track To Grow Further In June Amid Optimistic Market Expectations

China’s Lithium Hydroxide Output Poised To Recover Further In June With Market Betting On Demand Recovery For High-Nickel Ternary Materials

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

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