A volatile start to the second quarter for iron ore prices, which swinged sharply in Asian trading on Monday.
Iron ore costs fell sharply and then rebounded just as strongly on Monday in holiday-hit trade, after China’s related metals industry suggested manufacturers cut production and iron ore inventories at forty-five major Chinese ports reached their point in more than two years.
The dramatic call came during the Easter holiday in the west, where the value of 62% Fe fines traded on the SGX iron ore platform fell more than 5% at the open to a low of $95. 60 a tonne from $101. 04 a tonne. The last time was on Thursday.
But after bottoming out at $95. 40 per tonne, the price rose to $101. 65 per tonne.
This is up 0. 6% from Thursday’s close and a jump from the unexpected low of $95. 40 reached in the first hour of trading on Monday.
Prices on China’s Dalian futures market followed a trajectory, falling and then rebounding more than 2% to end around 745 yuan per tonne (about $103 per tonne).
The case was published last week on Chinese social media through the China Iron and Steel Association (CISA), calling on the country’s steel producers to “take the lead in reducing their production intensity to meet the wishes of end-users while maintaining balance. “between source and demand. “
Chinese commodity websites said the Association reacted to declining costs (and demand) for metal products following the Lunar New Year holiday six weeks ago.
CISA noted that the domestic metals market and metal manufacturers have been affected by factors that add high levels of production, costs and inventories, as well as low demand, low costs and efficiency.
The slowdown in end-user demand is the main explanation for the continued weakness in domestic metal prices, while China’s asset market continues its downward trend and the infrastructure structure has also been sluggish in recent times.
The agreement went on to emphasize that the key is for metal generators to play a proactive role in market balance and demand.
CISA advised Chinese metal manufacturers to plan their production according to metal sales and business functionality and seek high-quality and effective development. Large metal manufacturers take the lead in reducing inefficient supply, thus selling a well-functioning domestic metals market.
In addition, CISA said Chinese metal generators deserve to “be sensitive to market fluctuations and control their sales channels to avoid cheap dumping and cutthroat competition. “
CISA said that “China’s metal consumption has peaked and the design of metal demands has evolved against a backdrop of high-quality development, and for now, Chinese metal manufacturers deserve to rationally monitor and analyze the market, adjust their production speed according to market changes, and reduce metal inventories as soon as possible to achieve a dynamic fit between the source and demand, the proposal says.
The tension in prices added to news that, as of last Thursday, iron ore inventories at the port had reached a new multi-year high of 144. 3 million tonnes.
The online website Mysteel Commodities, which studies China’s forty-five major ports, said the figure is the highest since late April 2022. The accumulation during the week was 65. 4000 tonnes, less than last week’s accumulation of four million.
Despite the peak in inventories, Mysteel said 23. 5 million tonnes of ore arrived at those ports last week, a slight increase from last week.
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