This week (November 5th to November 9th) the iron ore market was generally oscillating. Among them, the price of imported iron ore was slightly adjusted, and the price of domestic iron ore rose steadily. In the week, the price of imported iron ore was mainly up, and the market transactions were general. Affected by the reduction in steel prices and the slowdown in downstream market demand, the bargaining space for imported iron ore prices has increased, and steel mills have not experienced blind purchases due to lower market prices. The domestic iron ore market is mixed, and the overall market is active. Affected by the limited production of heating season, the output of mining enterprises declined slightly, the performance of refined powder resources in the market was tight, and the price of mines was firm. Some steel mills raised the purchase price of iron ore, which drove the market price in the region to rise.
In summary, the decline in sea freight rates and the expected depreciation of the RMB have weakened, and the support for imported iron ore prices has weakened. Inventories of imported iron ore ports have been declining for three consecutive weeks, and the volume of port-openings has remained at a high level. In addition, the profit of the steel market is at a high level. Steel mills maintain large demand for high-grade iron ore, and there is still support for iron ore prices in the short term. With the start of the post-heating season, the demand for iron ore will still face a seasonal decline. It is expected that the domestic iron ore market will operate in a narrow range in the later period.