Iron ore price rebounds on Jul 9 as economic outlook improved & policy expectations rise
Time:Wed, 10 Jul 2024 09:41:36 +0800
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Australia's iron ore 62% Fe, CFR China rebounded on July 9, slightly increasing by US$0.95 to US$109.7. As more than 20 provinces in China promote the upgrading of the steel industry, and the Ministry of Finance and the Ministry of Water Resources allocate CNY848 million in funds to support flood rescue efforts, the macroeconomic outlook is improving. This has led to fluctuations and strengthening in black futures commodities, while spot steel prices are also showing signs of stability. The transaction volume of building materials has increased slightly, and molten iron output remains high, driving the rise of iron ore prices.
Additionally, the upcoming Third Plenary Session of the Central Committee of the Chinese Communist Party has created market expectations for positive policy developments, further contributing to the rise in iron ore prices. However, the expected increase in the amount of iron ore arriving in China's port this month raises concerns about continued inventory accumulation. On the demand side, steel companies have increased maintenance activities in the first half of this month.
