Latest Update in the SMM Pig Iron Market

In the market scenes, dynamics play a role in setting the prices of gear steel materials used in various industries like the automotive manufacturing sector where an increase in demand triggers a surge in prices as manufacturers seek more gear steel components for vehicle production while oversupply causes by factors like excessive production or economic slumps can lead to price decreases; Additionally, geopolitical conflicts trade regulations and economic expansions within key markets contribute significantly to shaping these trends.

According to an SMM survey, on November 20, the operating rate of blast furnaces at 242 surveyed steel mills was 89.83%, down 0.91% WoW.

Last week, the ferrous metals series fluctuated downward.

As of November 15, the total iron ore inventory at the 35 ports monitored by SMM reached 148.51 million mt, up 120,000 mt WoW and up 38.66 million mt YoY.

According to an SMM survey, as of November 13, the operating rate of blast furnaces at 242 surveyed steel mills was 90.74%, up 0.14% WoW.

In October, China imported 103.838 million mt of iron ore and its concentrates, down 290,000 mt from the previous month, a slight decrease of 0.28% MoM; up 4.48% YoY.

According to SMM calculations, the capacity utilisation rate of mines in October 2024 was 55.9%, down 0.1% MoM.

On October 18, a new central state-owned enterprise enterprise, China Resources Recycling Group Co., Ltd., was officially established in Tianjin.