Strong macro expectations shored up market confidence, iron ore prices may swing widely

Global iron ore supply inched up last week, and port arrivals were up nearly 3%. Therefore, iron ore supply appeared more ample, while pig iron output diminished sharply. Looking at this week, with forthcoming important meeting, market expectations for macro policies will be relatively strong. In addition, acceptable demand from finished products will leave no iron ore inventory pressure. Improved profits of steel mills will provide some support for ore prices. It is expected that iron ore market may swing widely this week.

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