According to a new report issued by the China Iron and Steel Association (CISA), against the backdrop of oversupply in the iron ore market and the traditional peak season for business in September and October, iron ore prices will likely just indicate some slight fluctuations in the coming period.
According to the CISA, as of September 30 this year, iron ore inventory held by major Chinese steel enterprises amounted to 44.13 million mt, up 210,000 mt month on month, while imported iron ore inventory at Chinese ports totaled 106.48 million mt, up 1.08 million mt month on month and rising by 20.96 million mt year on year, reflecting the ongoing oversupply in the market.
Currently, as October is part of the traditional peak season for business, this will provide some support for demand in the market. It is thought that iron ore prices will likely just indicate some slight fluctuations in the coming period.