Imported Iron Ore Profits Decline Amid Loose Supply and Expected Production Drop

Publicado: Aug 13, 2024 09:42
According to SMM's cost-profit statement, profits from imported iron ore have declined again. This week, SMM's total global iron ore shipments amounted to 31.87 million tonnes, a decrease of 2.8% from the previous week. Among them, Australia shipped 16.75 million tonnes, a decrease of 7.3% from the previous week; 82.1% of the iron ore shipped from Australia was destined for China, a decrease of 4.8% from the previous week. Brazil shipped 8.24 million tonnes, an increase of 14% from the previous week; 56.4% of the iron ore shipped from Brazil was destined for China, an increase of 98.7% from the previous week. The total volume of iron ore arriving at Chinese ports was 26.11 million tonnes, a substantial increase of 33.22% from the previous week. The supply of iron ore remains relatively loose. However, blast furnace maintenance continued to increase this week, and the market estimates that there will be a further significant decline in molten iron production, which will suppress iron ore prices. In the short term, there is insufficient upward momentum for iron ore prices, and it is expected to continue its weak and volatile trend. It is anticipated that the profits from imported iron ore have the risk of continuing to weaken.

Declaración de Fuente de Datos: Excepto la información disponible públicamente, todos los demás datos son procesados por SMM basándose en información pública, comunicación de mercado y confiando en el modelo de base de datos interna de SMM. Son solo para referencia y no constituyen recomendaciones para la toma de decisiones.

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According to SMM's cost-profit statement, profits from imported iron o - Shanghai Metals Market (SMM)