According to SMM research, the iron ore concentrate stocks of domestic mines were about 1 million mt, down about 130,000 mt MoM. Mines kept 4.04 days of inventories, down about 0.5 days MoM.
More blast furnaces resumed production, driving up pig iron output. Therefore, demand for domestic iron ore concentrates moved up. In late April, steel mills' purchases before the Labour Day holiday also pulled up demand. Due to uncertainty over market prices, most mines produced based on sales amid profits, barely holding inventories.
It is expected that inventories of mines across the country will remain low in May.
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