Publicado: Jul 24, 2024 14:05
[SMM Brief Analysis: Iron Ore Prices Unexpectedly Fell in July, Will There Be a Reversal in August?] On July 23, iron ore prices fell sharply, with the main contract I2409 dropping 3.01% to 773 yuan/ton. On July 24, the ore price continued its weak trend, touching a low of 771.5 yuan/ton, the lowest in the past three months. SMM believes that the fuse for this price plunge is the panic caused by the switch of the old and new national standards for steel bars. Many traders across the country have dumped their goods, and market sentiment is obviously panicking. Additionally, the terminal demand is in a slack season, increasing the probability of negative feedback. Moreover, the expectation of important meetings in July failed to materialize, and market sentiment is rather pessimistic. Both fundamentals and macroeconomic conditions are bearish, leading to a significant drop in iron ore prices. Looking forward to August...

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