Imports of iron ore and the domestic price of steel products in China have been reduced in late May due to the stagnation of both production and demand.
The latest imported iron ore price of 62 percent in China dropped $ 2.85 a day to $ 106.8 per tonne. The rebar price has been recorded at $ 515 per tonne, down $ 2.1 percent from $ 11 per tonne, and $ 32 has fallen by $ 32 at the beginning of this year.
Some market participants believe that despite recent economic stimuli in the real estate sector, there seems to be a limited space to further improve the domestic demand of steel, which in turn limits the growth of China's raw iron and steel and weakens the acceleration of the iron ore market. Slow. However, given the poor domestic demand, China's crude iron and steel production in 2024 is unlikely to exceed 2023.
Chinese ports reached 147.9 million tonnes by May 31, up 1.7 percent from early months and 16.6 percent over the same period last year. The current inventory is at its highest level since April 2022.
Experts believe that there is no more downtrend for iron ore prices, as China's crude cast iron and steel production is still very high, but the lack of upside in the production of cast iron is due to a pessimistic perspective for steel demand, especially in the real estate sector. June is also unlikely.
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