Latest Update in the SMM Iron Ore Price Market

According to an SMM survey, as of December 4, the operating rate of blast furnaces at 242 surveyed steel mills was 88.94%, down 0.22% WoW.

According to an SMM survey, the capacity utilisation rate of domestic mines was 57.7% last week, down 1.3% WoW; iron ore concentrates production was 770,000 mt, down 17,000 mt WoW;

According to an SMM survey, as of December 3, the operating rate of 50 major electric furnace steel mills producing construction steel nationwide was 37.72%, down 1.08% WoW;

According to SMM statistics, during this week (November 30 to December 6), the impact from blast furnace maintenance on pig iron was 1.4442 million mt, down 40,400 mt WoW.

In November, iron ore prices exhibited a V-shaped trend, with the I2501 contract reaching a peak of 806.5 yuan/mt.

Today, iron ore fluctuated upward, with the most-traded contract I2501 closing at 806 yuan/mt, up 1.26% for the day. Traders are optimistic about the market outlook and are actively selling; however, steel mills are cautiously observing, resulting in a decrease in inquiries.

According to an SMM survey, as of November 29, the operating rate of steel mills using externally purchased billets, which mainly produce construction steel, was 26.21%, down 4.79 percentage points MoM and 4.58 percentage points YoY.

The PMI composite index for domestic steel downstream sectors in November 2024 was 49.94, down 0.42 MoM, and up 0.93 YoY.