Short-Term Iron Ore Prices to Rise

SHANGHAI, Feb 24 (SMM) - According to SMM research, the total inventory of imported iron ore across ten major Chinese ports added 2.1% week-on-week to 97.17 million mt this week. Steel mills carried a relatively low in-plant inventory of iron ore, which beefed up iron ore prices to a certain extent. The prices are still affected by news and terminal demand. The market shall pay attention to macro factors and the sustainability of terminal demand. Iron ore prices are expected to fluctuate with occasional ups in the short term.