Iron ore price increases on Jul 26
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Update time : 2024-07-30 14:38:39
Australia's iron ore 62% Fe, CFR China, hiked by US$2.25 to US$102.15. Following an official announcement by China's National Development and Reform Commission and the Ministry of Finance, around CNY300 billion in special long-term government bonds will be allocated to support large-scale equipment upgrades and trade-in programs for consumer goods. This stimulus has caused a rise in black commodity futures and spot steel prices, which has also pushed up iron ore prices.
However, market insiders noted that demand in the Chinese steel market remains weak. Additionally, steel mills are facing losses, leading to maintenance and production cuts, while iron ore inventories remain high. The strong supply and weak demand situation persists, indicating that the market may experience short-term fluctuations.
