Iron ore rebounds on Sep 17, expected to remain strong & volatile in short term
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Update time : 2024-09-18 15:43:57
On September 17, Australia's iron ore 62% Fe, CFR China, hiked by US$1.05 to US$91.55. China's recent rebound in steel prices led to a modest recovery in steel mill profitability. The market anticipates an increase in production for September. Meanwhile, reports suggest that Chinese authorities may lower interest rates on more than US$5 trillion in outstanding mortgage loans this month, which could stimulate demand, pushing iron ore prices higher.
According to market analysts, inventories of the five major steel products in China have decreased for nine consecutive weeks, hitting their lowest level in eight months. This indicated an easing of the supply-demand imbalance in the steel market. With the traditional peak season approaching, short-term trends for iron ore are expected to remain strong and volatile.
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