Monthly Iron Ore Market Report Nov 2018
2018-12-12 19:21:58 【Print】
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Iron ore market stayed firm in the first half of the month when demand was active from downstream steel mills
. Environmental protection pressure was low in the month and steel mills maintained high operation rate . The strong demand pushed iron ore prices to record high level within this year . However, entering the second half of the month, iron ore prices quickly slumped depressed by the rapidly dropping prices of steel products . Steel mills became very reluctant to restock iron ore seeing the quickly decreasing profits of steel products . By the end of the month, as steel mills started facing losses, insiders believed steel mills would have to cut operation in the coming December to avoid larger losses . In the meanwhile, the worsening air condition in North China during heating season may also force steel mills to cut operation rate . Decreasing demand would force iron ore prices to slide further in December.