Outlook of Four Major Iron Ore Mines in Q1: Shipment Has Entered the Off-season

Entering 2023, major mines maintained their delivery targets unchanged. Except for FMG, the rest of the mines had no new iron ore projects, mainly ensured the annual target by improving production efficiency. On the domestic side, due to the favourable real estate policies, the demand for iron ore is still expected to be high, and the shipments at port may remain high. Coupled with the off-season for overseas shipments in the first quarter, port inventory may decline, which supports ore prices to remain high. However, if the demand for steel products cannot match strong expectations in the future, iron ore prices may fall.