The Xinhua-China Iron Ore Price Index shows that as of February 4, China's port iron ore inventory (25 ports along the coast) was 75.94 million tons, compared with last week (January 22 to January 28, the same below) ) reduced by 3 million tons, down 3.8% from the previous month...
The Xinhua-China Iron Ore Price Index shows that as of February 4, the iron ore inventory of China's ports (25 ports along the coast) was 75.94 million tons, compared with last week (January 22 to January 28, the same below) The reduction was 3 million tons, down 3.8% from the previous month. The iron ore price index of 63.5% of China's imported grade was 150, up 2 units; the 58% grade iron ore price index was 132, also rising 2 units. Some traders took a holiday before the holiday, and the resources of the imported ore market were relatively tight, raising the price of iron ore spot to the highest point in three weeks. However, with the slowdown in market activity, this upward momentum may lose momentum.
At the same time, due to the relatively sufficient inventory of steel mills and fewer replenishment, the spot market performance was flat. The steel futures market is relatively hot, and the willingness of traders to raise prices is obvious. Affected by the smoggy weather in the northern ports and the hurricane in Australia, the number of imported mines to Hong Kong has plummeted, and port stocks have hit new lows.
Insiders pointed out that the iron ore spot market before the holiday was deserted, while the futures market pulled up significantly. In the first week of February, the imported iron ore outer disk rose, the spot remained stable, and the spot price of the weekend began to rise, and the actual market transaction was general. This week is the last week of the replenishment of the steel mill. The long-term arrival of the mine in February has basically been completed. Only some steel mills have sporadic replenishment. Other steel mills have begun to leave the market one after another, and the port inventory level has reached a new low.
Insiders pointed out that at present, steel mills have basically completed the pre-holiday procurement plan, and the purchasing intention is lower when the imported mineral stocks are abundant. Due to the expected improvement in the post-holiday market, the traders' willingness to winter storage will increase, and there will be an inertial thinking of “opening the door†after the holiday. There may be a slight increase in the market after the holiday. It is expected that the imported mineral market will be in the future. Continue to rise slightly.
According to the report of China Steel Association, the domestic steel market is still in the low season of demand in January, but due to factors such as market expectations and speculation, iron ore prices have shown a sharp rise. At the end of January, the China Iron Ore Price Index (CIOPI) was 465.37 points, up 41.99 points month on month, or 9.92%.
According to the report, during the Spring Festival, it was the off-season of steel production and consumption, and domestic steel production and demand remained at a low level. At the same time, the import of iron ore has increased substantially. Under the condition that the total supply of iron ore resources exceeds demand and the price of steel products fluctuates at a low level, the iron ore prices continue to rise in the late stage.
The report pointed out that the price of iron ore is difficult to rise sharply, and the high price of imported iron ore further engulfs the meager profits of steel companies, and the profit margin of steel companies is further narrowed. The data shows that in 2012, the accumulated profits of the member companies of the Iron and Steel Association were only 1.581 billion yuan, a significant drop of 98.22% year-on-year.
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