The iron ore prices stopped its strong momentum in the past few days, and started declining. Steel products followed the iron ore decline, after trading range bound in the past few days. Iron ore futures prices dropped, but prices spot iron ore at ports were relatively strong with lesser extent of decline. Spread widened after ranging bound at low levels, indicating strong demand for iron ore. We expect iron ore prices could remain strong amid steel mills’ restocking and overseas shipments yoy decline.
The DCE iron ore declined. There were no macro news today and the market traded on the sentiment towards the upcoming Central Economic Work Conference. The price fell and touched the support level of Rmb800/ton after rising previously. We expect the iron ore price could continue to go up after the technical correction.
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