Iron Ore Futures Prices Rose Initially, But Then Fell Back As Sluggish Steel Market Triggered Demand Concerns

SHANGHAI, Apr 17 (SMM) – At the beginning of last week, Hedland Port, a major iron ore port in Australia, suspended operations due to super hurricanes and heavy rains, sparking bullish sentiment in the iron ore market. However, iron ore futures prices fell sharply afterwards due to negative steel data and renewed rumours of crude steel production reduction. Data showed that HRC apparent demand weakened considerably. The decline in steel prices and deterioration of steel mills’ profitability fuelled concerns about iron ore demand. As the overseas supply will hardly see a significant increase, market players are paying greater attention on the blast furnace operations of steel mills.