Iron ore price edges up amid pessimistic market sentiment; weak demand expected to persist

The recent raw material and steel market turned increasingly pessimistic. However, the People's Bank of China's announcement of potential reductions in reserve requirements and interest rates to ensure ample liquidity and stable financial growth provided some support for iron ore. Despite that, market analysts observed a rising trend in iron ore shipments arriving at Chinese ports. Simultaneously, an increasing number of steel mills are undergoing maintenance, which led to a drop in molten iron production. With pre-Lunar New Year restocking by steel mills nearly complete, demand remained weak. Consequently, iron ore prices are expected to experience short-term fluctuations. Back to Steel News