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Feb.21.2020 1USD=7.021RMB
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  SteelHome >>Raw Material>>Market Info>>SteelHome Analysis
 
SteelHome: Iron Ore Market alongside Yangtze River after Outbreak of 2019-nCoV

//en.ruistour.com [SteelHome] 2020-02-03 17:56:38

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At present, most of the steel mills alongside Yangtze River have operated productions as usual. Due to the large amount of iron ore replenishment before the Spring Festival, most steel mills still have more than 30 days of inventory for steelmaking consumption, bringing slack replenishment plans for February. In addition, there is little impact for mills whose raw materials are shipped by rail and water transportation. But there is a greater impact on shipping goods by automobile transport. From SteelHome survey, due to the restrictions, vehicles of non-local license plates are restricted to transport goods. Therefore, iron ore products are unlikely shipped from ports, affecting the stockpiles to some extent in the later stages. In Hubei, center of virus outbreak, some steelmakers have planned to reduce production.

Meanwhile, most iron ore traders are waiting for the further market developments as huge declines in the seaborne price during the Spring Festival. Some with optimistic outlook have adopted a single negotiation method for deals because of the declined iron ore shipments from Brazil and increased replenishments from mills, being inactive in shipping iron ore products at a low price.

Due to the impact of strong winds and fog during the Spring Festival, iron ore arrivals have declined at Taicang Port, with a drop of 0.15 million tons to 2 million tons of iron ore stockpiles in this port. Meanwhile, iron ore inventory has also decreased in Jiangyin Port, but the inventory will increase after shipments reduced.

(To contact the reporter on this story: cody.wang@ruistour.com or 86-555-2238837)
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