Iron Ore Futures Weaken Further Amid Market Pessimism and Real Estate Downtrend

Publié: Aug 15, 2024 16:49
Today, iron ore futures continued to experience weak fluctuations, with the main contract I2501 dipping below 700 points to 691 during the session and eventually closing at 703.5, registering a full-day decline of 2.09%. Market sentiment turned more cautious; overall trading sentiment in the market today was average. Transaction prices fell by 20-25 yuan/ton compared to yesterday; the total demand for the five major steel products today declined slightly on a week-on-week basis. As total production decreased, total inventories also declined accordingly. Additionally, various real estate indicators released by the National Bureau of Statistics today indicated that the real estate sector is still on a downtrend. Market pessimism continued to spread, driving iron ore prices to new lows. Recently, the decline in raw material prices has exceeded that of finished steel products, allowing steel mills to regain some profits, reducing the likelihood of further blast furnace maintenance, which in turn provided some support for iron ore demand and prices. ...

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