China's port iron ore stocks still rose by more than 100 million tons on a week-on-week basis by 0.87%
2024-09-22 13:02:48
According to the "Xinhua-China Iron Ore Price Index" released by Xinhua News Agency on November 22, as of this Monday, the iron ore inventory of China's ports (25 ports along the coast) was 10.86 million tons, up 0.87% from the previous month. China's import grade 63.5% iron ore price index was 153, an increase of 11 units; 58% grade iron ore price index was 124, an increase of 8 units. The current price of imported iron ore continues to rise, and the increase is basically the same as last week; the actual volume of domestic iron ore market is scarce, and the purchase intention of steel mills is not strong. Affected by the increase in the price of iron ore bidding in the three major foreign mines, the enthusiasm for the pursuit of domestic import traders has intensified, leading to a sharp rise in domestic iron ore prices. In contrast, domestic steel mills changed their attitudes toward follow-up purchases last week, cautious about the expectations of rising iron ore prices, and generally adopted measures to consume stocks and watch the market changes. In addition, the large-scale overhaul of steel mills in November caused a temporary decline in steel production, which had a certain upward effect on steel prices, and domestic steel prices rose slightly. However, it has entered the low season of traditional steel demand, the market volume is generally less, and the price increase is slightly weak. Xinhua News Agency analysts believe that in the case of foreign iron ore bidding prices have been raised, traders follow the trend, the possibility of iron ore prices continue to rise next week is likely to increase. However, the steel market has entered the traditional off-season and it is difficult to support iron ore prices. Therefore, the price of imported iron ore will fluctuate slightly or will become the main feature of the market this week.
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