The iron ore market continues to fall. As for domestic mines, the market prices in the Northeast and East China fell by about 20 yuan, mainly due to weaker steel mills' limited production demand and weaker procurement efforts. The recent spot market for imported ore has continued to decline, which has greatly reduced the cost-effectiveness of domestic ore. In terms of imported ore, the early week's pallet was affected by the news that the central bank launched a 400% reduction in the MLF operation rate by 5%.
However, the rise in the futures market did not drive the rebound of the port spot market. The trend of the port spot market was still weak, but steel mills took advantage of this opportunity to replenish the original fuel inventory and stabilize the port spot price. The speculative sentiment of traders has not been highlighted in this market. The traders are still not particularly optimistic about the later period. The overall strategy is to reduce the inventory to deal with the subsequent risks. Therefore, the market prices continue to weaken near the weekend. Based on the above data, it is expected that the iron ore market will remain weak and volatile next week.
The main reasons are as follows: import volume increased year-on-year, arrival volume remained high, and Vale continued to resume production. It is predicted that the fourth quarter should return to oversupply. At the same time, domestic steel mills began to demand low-cost alternative raw materials from the international market. Therefore, it will bring a certain squeeze to the current demand for iron ore. At present, the profit of the steel mill's process remains stable, but the heating season is approaching, and the production restrictions in the northern parts of the country are becoming stricter. Production restrictions will affect the demand for iron ore. In addition, most steel mills have replenished warehouses this week. Larger, and currently the market traders lack speculation.
Next: Expected increase in Q690D steel plate
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