MNI BRIEF: Iron Ore Prices Have Potential To Increase
MNI (BEIJING) - Iron ore prices have potential to rise further this month as Chinese mills restart furnaces and increase pig iron production, analysts at Shanghai Metals Market, a commodity research firm, said on Tuesday.
Looking ahead, the analysts noted macro policy expectations and market sentiment were favourable, with imports expected to remain robust given the current peak season for shipments.
End-use consumption had improved in late September, with a substantial uptick in demand in all five major steel categories, whilst falling inventories had supported steel prices and enticed production increases, the analysts said.
China’s aluminium consumption growth will likely slow to slightly below 5% this year from 2023's 6% gain, as appetite cooled over Q3 amid the economic slowdown, and despite robust demand from the energy and transportation sectors, local analysts have told MNI recently. (MNI: China Aluminium Demand To Slow Slightly In 2024)