Newsletter summary
In May, the supply of iron ore is expected to reach 121 million tons, supply and demand may tend to balance, but it is difficult to recover. In the context of the rebound of crude steel production at home and abroad, mineral prices are supported, but the recovery of Australian ore shipments and non-mainstream high levels will suppress ore prices, focusing on the range of 750-900 yuan / ton. It is necessary to pay close attention to the shipping situation of Australian mine and Brazil as well as the flat control situation of crude steel.
Text of news flash
Iron ore supply is expected to reach 121 million tons in May, but the balance of supply and demand in the market is facing challenges.
As Australian ore shipments gradually return to normal, non-mainstream ore shipments also remain high, with iron ore arrivals expected to fall by 5 million tons month-on-month in May.
Nonetheless, expectations for a rebound in hot metal production to more than 2.4 million tonnes a day in May are relatively conservative. However, considering the current recovery of crude steel production at home and abroad and the improving trend of demand, iron ore prices still play a supporting role to a certain extent.
But at the same time, the rebound in Australian ore shipments, the high operation of non-mainstream ore shipments and the high level of domestic port inventories have also suppressed the rising space for iron ore prices to some extent.
Market analysts advise investors to keep a close eye on the price range of 750-900 yuan per ton, to keep an eye on shipments of Australian and Brazilian ores, and to keep an eye on the development of flat control of crude steel.
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