In a recent development, the China Iron and Steel Association (CISA) reported that at the end of March, the China Iron Ore Price Index (CIOPI) stood at 474.69 points, marking a drop of 21.97 points or 4.42% from the previous month. This decline signals a shift in the iron ore market, which had previously been on an upward trend.
The slowdown in domestic steel demand during March, combined with a sharp rise in crude steel production over the past two months, led to a buildup of steel inventories. As a result, steel product prices fell for five consecutive weeks, with steel production showing a downward trend. Consequently, the price of iron ore also turned from rising to falling.
CISA expects that the oversupply situation in both the steel and raw material markets will persist for a short period, leading to further downward fluctuations in iron ore prices. At the end of March, the domestic iron ore concentrate price dropped to 937.00 yuan per ton, a decrease of 50.44 yuan or 5.11% compared to the previous month. Meanwhile, the landed price of imported iron ore (fine ore) was 140.35 U.S. dollars per ton, down by 10.44 dollars from the previous month.
The steel industry has seen a declining trend in production. By the end of March, the CSPI domestic steel comprehensive price index fell to 107.05 points, a 3.66% drop from the end of the previous month and an 11.66% decrease compared to the same period last year. According to CISA data, the average daily crude steel output for major and mid-sized steel enterprises in mid-March was 1,651,900 tons, down by 83,300 tons or 4.80% from the average level in January and February.
As steel production declined, the demand for iron ore from steelmaking also decreased. Additionally, according to MySteel Network, iron ore port inventories continued to grow last week. The total inventory at 30 major ports nationwide reached 67.96 million tons, up by 40,000 tons from the previous week, representing a 0.06% increase.
Industry sources suggest that downstream demand is gradually improving, and finished product inventories have fallen for the second consecutive week, creating favorable conditions for market recovery. However, the current loss situation in steel mills remains concerning. Until steel prices enter a real upward trend, the suppression of raw material prices and low inventory operations are likely to remain key strategies in the market.
As a result, the short-term iron ore market is still struggling to recover, which may dampen spot trading activity at the ports. It is expected that this week’s iron ore port inventory will see a significant reduction.
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