Steel mills keep low inventory Iron ore market continues to weaken

Today, the domestic iron ore fines procurement prices have steadily dropped. The purchase price of 66% Fe fine powder of Handan Iron and Steel is reduced by 21 to 626 rmb/ton, and the dry basis does not include the tax ex-factory price; the purchase price of 65% Fe fine powder from Xinxing cast pipe is reduced by 21 to 611 rmb/ton, and the dry basis does not include the tax ex-factory price. The purchase price of new Fushun Steel 65% Fe fine powder is reduced by 30 , and the dry basis tax is now remitted to the factory base price.

Today, the domestic steel spot market traded in general, the pressure of finished steel products shipments was relatively large, coupled with further decline in iron ore futures, steel mills will increase their willingness to suppress the iron ore market, still follow the “buy up or not buy” market Principle, more transactions, a small amount of purchases, maintaining low inventory production. It is expected that the short-term ore price will continue to be weak.

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