News summary
The main contract of iron ore futures, 2409, fluctuated downward, closing at 899 yuan/ton, a decrease of 1.14djackpot.10%。Demand has entered a plateau period, supply is loose, and port inventories are high. Mining prices are expected to fluctuate widely in the near future.
Newsletter text
[Iron ore futures main contract 2409 experienced on May 274djackpotAfter a day of turbulence and downward, it finally closed at 899 yuan/ton, a decrease of 1.10%.]
Fundamental analysis shows that although the output of the five major steel varieties has increased, demand has declined, blast furnace capacity utilization rate and average daily molten iron output have declined, and blast furnace operating rate has remained stable, indicating that demand for iron ore may have reached a plateau period. On the supply side, although the shipment volume of Australia and Brazil has increased, the arrival volume to Hong Kong has decreased, and the overall supply is still loose. Port inventories continue to increase and show no signs of being depleted, which may put pressure on prices.
Although the advancement of real estate policies and trillion-dollar treasury bonds projects has boosted market confidence and released demand for construction steel, the recovery of overall demand for iron ore has encountered bottlenecks. Taking into account the loose supply and continued high port inventories, iron ore prices are expected to show wide fluctuations in the short term.