Due to the weather factor last week, the production of sintering machines in Tangshan and Qinhuangdao, Hebei province was restricted, but the implementation of production restriction was weak. Therefore, the impact on the demand for iron ore was small.
In addition, although the supply of steel increased, the inventory continued to decline. Market confidence was strong despite weaker-than-expected apparent consumption. This, combined with the reduction of deposit rates by the five major banks in China, helped iron ore prices continue to rise last week. Spot prices of PB fines in Shandong rose 40-50 yuan/mt WoW.
Imported iron ore prices are expected to move rangebound this week.
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