The weak pattern of iron ore is difficult to change
In early October, iron ore prices experienced a short-term rebound, mainly due to the expected improvement in demand margins and the stimulus of rising ocean freight prices. However, as steel mills strengthened their production restrictions and at the same time, ocean freight rates fell sharply. The price hit a new low during the year. In terms of absolute prices, the price of iron ore this year has fallen by more than 50% from the high point, and the price has already fallen. However, from the perspective of supply and demand fundamentals, the current port inventory has reached the highest level in the same period in the past four years. As the port continues to accumulate , This year's weak iron ore prices will be difficult to change. There is still an increase in mainstream mine shipments In October, the iron ore shipments in Australia and Brazil decreased year-on-year and month-on-month. On the one hand, it was due to mine maintenance. On the other hand, the high sea freight ha...