Improved steel transactions & Chinese Yuan rebound cause iron ore slight increase on Nov 13
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Update time : 2024-11-14 20:02:28
Australia's iron ore 62% Fe, CFR China, on November 13, slightly increased by US$0.25 to US$101.25. Despite a reversal in China's ferrous metal futures following a sharp rise, spot steel prices showed a slight increase after a slowdown in their previous decline, accompanied by improved transaction volumes. Additionally, the Chinese Yuan's rebound from its previous dip helped boost iron ore prices, leading to a small recovery.
However, China's molten iron production continues to decrease, and with the macroeconomic environment entering a new phase, iron ore is returning to its fundamental supply-demand dynamics, characterized by strong supply and weak demand. While steel mills are maintaining support for steel prices, market participants anticipate that iron ore prices will experience minor fluctuations in the short term.
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