Publicado: Oct 18, 2023 18:19
According to SMM, iron ore was weak and volatile today, with the main contract I2401 closing at 861, down 0.4% for the day. Traders were generally willing to sell, while some were cautious and waiting. The overall market atmosphere was cold. PB powder in Shandong traded at 929-940 yuan/ton, down 5-15 yuan/ton from yesterday. PB powder in Tangshan traded at 950-960 yuan/ton, down 0-10 yuan/ton from yesterday. Today's real estate data was still weak, and demand for finished products was not good, so market sentiment weakened. However, from the perspective of mainstream mine shipments in the third quarter, it was relatively stable, and although the number of blast furnace repairs increased, the iron ore output was still at a high level. Under the condition of low port inventory, the ore price was supported and the decline was lower than that of finished products. Considering that steel mills are suffering from deeper losses due to raw material squeeze, blast furnace repair willingness is increasing, iron ore spot purchase willingness is weak, and ore price is under pressure and volatile.

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