Iron Ore Futures Plunge 4.12% Amid Cautious Market Sentiment Ahead of Fed Decision

Publicado: Sep 18, 2024 15:45

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Today, iron ore futures prices plunged significantly, with the main contract I2501 closing at 675, a full-day drop of 4.12%. Market sentiment turned cautious, and traders' willingness to sell weakened; steel mills mainly purchased at low prices, and some steel mills began restocking ahead of the holiday. Today's market trading atmosphere was bleak. Transaction prices fell by 10-20 yuan/ton compared with before the holiday; Fundamentally, due to price fluctuations and domestic typhoon weather, the pressure on iron ore supply has temporarily eased. On the demand side, as steel mills' blast furnaces gradually resume production, the production of molten iron has slightly increased. In addition, as the National Day holiday approaches, some steel mills are stocking up in advance, thus improving the fundamentals of iron ore and providing some support for ore prices. Close attention should be paid to the Fed's interest rate decision tomorrow. .........

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