Iron ore prices hit over one-month high on Jan 21, forecasted fluctuations in short term
Time:Wed, 22 Jan 2025 08:45:05 +0800
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Australia's iron ore (62% Fe, CFR China) rose slightly by US$1 to US$104.85 on January 21, which has reached a new high since December 18 of last year. Iron ore prices had previously risen for seven consecutive trading days, followed by a slight dip for one day, and then increased again yesterday. Since hitting a three-and-a-half-month low of US$96.6 on January 8, prices have surged by a cumulative US$8.25, a growth of 8.5%. So far this year, the total increase has been US$4.25, reflecting a rise of 4.2%.
Although China's futures experienced fluctuations, the production of five major steel products increased last week. At the same time, molten iron output rebounded, and shipments from mining companies such as those in Australia and Brazil declined, which contributed to the upward trend in iron ore prices.
Market analysts noted that while demand is expected to grow after the Lunar New Year, high iron ore prices have made downstream buyers more cautious. Additionally, steel mills are nearing the end of their pre-holiday restocking activities. As a result, iron ore prices are expected to experience minor fluctuations in the short term.
