Dalian Iron Ore Futures Fluctuate Upwards Despite Opening Lower, Supply Remains Ample

Publicado: Dec 30, 2024 17:07
Today, Dalian iron ore futures opened lower but moved higher, fluctuating upward throughout the day. The most-traded I2505 contract finally closed at 775.5 yuan/mt, up slightly by 0.98% for the day. Market trading sentiment was average today. Transaction prices rose by 10-15 yuan/mt compared to last Friday. Last week, SMM reported global iron ore shipments at 34.74 million mt, up 6.8% WoW. Among them, Australian shipments were 19.49 million mt (up 9.6% WoW), Brazilian shipments were 8.04 million mt (down slightly by 1.2% WoW), and SMM-reported iron ore arrivals in China totaled 25.75 million mt (up 1.9% WoW). Shipments and arrivals increased simultaneously. Iron ore supply remained ample. However, there is currently relatively small imbalance in the industry, as steel mills are still profitable, and pig iron may have hit bottom and stabilized. In the short term, iron ore prices are expected to fluctuate rangebound. ......

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