Imported Iron Ore Prices Fall After Growing Last Week, and Will Move Rangebound Within a Wide Range This Week

Published: Apr 24, 2023 14:26

Source: SMM

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On April 14, the Chinese government announced no output cut or increase in crude steel.

SHANGHAI, Apr 24 (SMM) - On April 14, the Chinese government announced no output cut or increase in crude steel. The terminal companies made some purchases early last week for the upcoming Labour Day holiday, slightly driving up the iron ore prices. However, the policy supervision and production cuts carried out by steel mills in Sichuan, Shaanxi and Shanxi on poor finished steel sales aroused pessimism in the market. In conclusion, the imported iron ore prices first strengthened and then softened last week. The spot prices of PB fines at ports in Shandong lost 5-10 yuan/mt on a weekly basis.

This week, iron ore shipments from Australia will grow with the improvement in the weather conditions in the country. It is expected that global iron ore shipments will balloon. Ships that were delayed due to the previous hurricanes will also arrive at the port soon. Iron ore demand from domestic steel mills may be stable this week. Some steel mills in Shanxi will carry out maintenance or production cuts, but some mills that hold low in-plant inventory of raw materials will restock iron ore approaching the Labour Day holiday. Considering the impact of the Fed rate hike and the construction steel demand, the iron ore prices will rebound slightly and move rangebound within a wide range.

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