Iron Ore Futures Extend Weak, Volatile Trend; Market Subdued

Publicado: Nov 11, 2024 16:35
Today, iron ore futures continued their weak and volatile trend. The main contract I2501 closed at 762, with a full-day decline of 2.87%. Traders generally had moderate willingness to ship goods; steel mills were cautious in procurement, mainly buying on an as-needed basis. The market trading atmosphere today was generally subdued. Prices in Shandong fell by 10-15 yuan/ton compared to last Friday; SMM's total global iron ore shipments amounted to 30.31 million tonnes, a decrease of 11.6% from the previous week. The pressure on iron ore supply eased slightly, and if steel mills conduct low-level inventory replenishment, port inventories are expected to decline further. This week marks a lull in macroeconomic policy, and price influencing factors may become more reliant on fundamentals. It is necessary to pay attention to the apparent demand and inventory changes of finished steel products this week...

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