Iron Ore Prices May Fall This Week

SHANGHAI, Apr 4 (SMM) - Last week, stable supply and slightly growing demand allowed iron ore prices to rebound. Rebar demand improved mildly. Market jitters caused by the US banking crisis have eased. However, weaker buying to good weather. On the whole, overseas shipments are likely to drop slightly. However, port arrivals are expected to interest of steel mills on the current high iron ore prices constrained the upside room of the prices. The spot prices of PB fines at ports in Shandong gained 5-10 yuan/mt on a weekly basis. This week, heavy rainfalls could threaten shipments from Australia, while shipments from Brazil may pick up thanks hold steady due to high shipments since the beginning of March. On the demand side, steel mills have slowed down the restarts of blast furnaces, and the demand for iron ore may stabilise. Supply and demand will have little impact on iron ore prices, whose driving force still comes from end demand. There may be heavy rainfalls across many parts of China around the Qingming Festival, which will undermine steel demand. Coupled with tightening supervision by regulators, iron ore prices are expected to see little upside or downside room this week.