Short-Term Iron Ore Prices to Move Rangebound

SHANGHAI, Feb 16 (SMM)－As of February 16, the average operating rate of blast furnaces was 92.12%, up 0.45% from the previous period. The average blast furnace capacity utilisation rate added 0.6% to 93.05%. Due to the production resumption of blast furnaces one after another, the average daily pig iron output grew, which continued to consume iron ore stocks held by steel mills. The current iron ore prices are supported by the fundamentals, and the downward space is relatively limited. In the short term, the iron ore prices will mainly fluctuate.