The import ore profit statement of SMM shows that the profit of import

Published: Jan 8, 2024 13:37

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The import ore profit statement of SMM shows that the profit of imported ore has once again declined, with losses in multiple varieties of iron ore intensifying. From a fundamental perspective, as of last Friday, a total of 119.31 million tons of inventory was tracked by SMM at 35 ports, an increase of 2.41 million tons from the previous week. The daily average amount of ore leaving the port increased by 78,000 tons to 2.937 million tons on a weekly basis. The amount of ore leaving the port continues to increase, but the growth rate has slowed down, mainly due to the demand for stock replenishment by steel mills approaching the Spring Festival. However, the current price of iron ore is relatively high, leading to a slow replenishment pace. Looking at this week, pre-holiday stock replenishment may drive an increase in transactions, and ore prices are expected to remain supported, with high-level oscillations being the main trend. It is expected that import ore profits will also fluctuate.

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