News summary
Iron ore futures rose slightly, the total number of arrivals from Chinese ports increased significantly month-on-month, and shipments from Australia and Brazil also increased. Guoxin Futures believes that supply is high, and the demand side is boosted by steel mills 'resumption of production, and market sentiment has strengthened. Everbright Futures expects short-term prices to fluctuate.
Newsletter text
[Iron ore futures market showed a slight increase] The iron ore futures market was stable on Friday night, with the main contract recording 0slotsbonus.4%slotsbonusThe increase closed at 888.5. [China's iron ore arrivals to Hong Kong increased significantly month-on-month] From May 13 to 19, the total amount of iron ore arrivals to China's 47 ports was 30.286 million tons, an increase of 8.25 million tons from the previous week. Among them, the arrival of iron ore from 45 ports was 28.471 million tons, a month-on-month increase of 7.007 million tons; the total arrival of six northern ports increased to 14.398 million tons, an increase of 1.879 million tons. [Iron ore exports from Hedland Port in Australia fell month-on-month] According to data from the Pilbara Port Authority of Australia, iron ore exports from Hedland Port fell to 49.5727 million tons in April, a decrease from 50.0848 million tons in March. Exports of spodumene concentrate also fell to 62515 tons from 103754 tons in March. [Australia and Brazil shipments increased month-on-month] From May 13 to 19, the total number of Australian and Brazilian iron ore shipments increased to 24.556 million tons, an increase of 100,000 tons month-on-month. Although Australian shipments decreased by 663,000 tons month-on-month to 17.513 million tons, Australian shipments to China dropped to 15.173 million tons, a month-on-month decrease of 1.442 million tons. At the same time, Brazilian shipments increased by 763,000 tons to 7.043 million tons. Overall, global iron ore shipments increased by 659,000 tons month-on-month to 30.687 million tons. [Institutional analysis believes that the sentiment in the iron ore market is getting stronger] Guoxin Futures predicts that as steel mills resume production and molten iron output increases, the demand side for iron ore will show strong growth, with molten iron output reaching about 2.37 million tons this week. In addition, at the policy level, market sentiment has been boosted by relaxing purchase restrictions in various cities and reducing the down payment ratio for home purchases, and the market is expected to continue to be strong. [Everbright Futures expects iron ore prices to fluctuate in the short term] Everbright Futures analysis pointed out that despite the recent decline in overseas supply shipments and arrivals to Hong Kong, the demand side has continued to rebound and market fundamentals have improved. However, considering that early supply greatly exceeded demand, port inventories are still at high levels. The recent continuous introduction of real estate easing policies has had a positive impact on market sentiment, and the trend of iron ore prices may fluctuate in the short term.
