Prices of Imported Iron Ore Moved Rangebound Last Week And To Weaken This Week

Iron ore arrivals fell slightly last week, but were still at a medium-to-high level. Due to the impact of Tangshan's environmental protection and production restrictions, the number of blast furnace shutdowns at steel mills increased, and the pig iron output fell slightly. Fundamental support continued to weaken. In addition, the real estate data last week was lower than expected, but the apparent consumption for building materials rebounded slightly. Ore prices fluctuated rangebound. Spot prices of PB fines in Shandong rose 10 yuan/mt last week.

This week, with the recent increase in overseas shipments, arrivals at Chinese ports will continue to increase. Due to the low season for steel and the environmental protection and production restrictions in Tangshan, the output of pig iron may decline slightly. Considering that the market still has expectations for the macroeconomic stimulus, it is expected that iron ore prices will see big volatility and weaken this week.

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