According to the monitoring of the business community, the domestic iron ore market has been lightly traded in the past week, and the price of imported ore has shown a downward trend. The market price of 62% printing powder in Rizhao Port of Shandong was RMB 1008/ton at the beginning of last week, and fell to RMB 988/ton at the weekend, a decline of about 1.98%. The decline in iron ore prices was mainly due to the recent expansion of the loss of the steel industry. The “severe winter†of steel from the end of last year is far from showing signs of fading. Most steel mills are at a loss, and some steel products cannot be maintained even for gross profit. Since the fourth quarter of last year, steel mills have continued to cut production. According to the China Steel Association, the average daily crude steel output in the middle of February was 1.699 million tons, which has been lower than the historical high of 1.945 million tons last year. Since last year, large steel companies including Baosteel, Wuhan Iron and Steel, Anshan Iron and Steel, Hebei Iron and Steel Group have incorporated the development of non-steel industry into an important strategic level of enterprise development. At present, the situation of oversupply of iron ore has begun to emerge. With the massive release of China's self-produced iron ore production capacity and the release of overseas investment in equity and mining capacity over the past two years, China's demand for imported iron ore has weakened, and the dependence on China's iron ore demand is declining. At present, the inventory of iron ore in China's ports has reached 10.66 million tons. Chen Kai, an iron ore analyst at the business division's steel branch, expects that domestic steel market demand will further weaken this year, and the price of imported iron ore will remain low and volatile in the short term.
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