Iron Ore Futures Rise Amid Improved Steel Mill Operations and Policy Boosts, But High Inventories Cap Spot Price Gains

Publicado: Sep 26, 2024 09:16
According to SMM's import ore cost and profit statement, the profits of import ore have increased slightly; based on SMM's survey, as of September 25, the blast furnace operating rate of 242 steel plants surveyed by SMM was 89.40%, an increase of 0.65% from the previous month. The daily average output of molten iron at sample steel plants was 2.4252 million tons, an increase of 13,600 tons from the previous month. Meanwhile, the market continued to announce favorable policies, boosting market sentiment and pushing up iron ore futures prices. However, the high port inventories currently suppressed the rise in spot prices, leading to a narrowing of the futures-spot price spread. In the short term, iron ore futures prices may continue to fluctuate on the strong side, and the profits of import ore may have some room for minor gains.

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According to SMM's import ore cost and profit statement, the profits o - Shanghai Metals Market (SMM)