More Than 60% of Industrial Enterprises Believe the Average Price of Iron Ore Index Will Rise in July
Jun 26, 2024
Conclusion: In a survey of industrial enterprises regarding the July price index, 64% believe that the average price for July will rise compared to June's average of $106 (as of June 21st), while 35% expect a decrease, and only 1% think it will remain relatively stable.
Price Trend: 56% of companies anticipate a price trend that will start low and end high in July, whereas 44% predict the opposite.
Trading Company Mindset: 52% of trading companies will focus on selling, 26% will wait and see, 16% are preparing to stock up at the right moment, and only 6% are optimistic about the later stages and choose to hold and sell at a higher price.
Third Quarter Prices: Most companies believe that the 62% Australian fines index will operate within the range of $100-$120 per dry ton in the third quarter, with 71% of companies expecting the price fluctuation to be between $10-$20 per dry ton.
Mysteel Iron Ore 62% Australian fines index fluctuated weakly in June, showing a trend of being higher at the beginning and lower at the end, consistent with our last month's survey results.
According to the survey data, 73% of companies predict that the price for July will be within the range of $105-$115 (including both $105 and $115), 19% predict below $105, and only 8% predict above $115.
Companies that believe the price will first be low and then high mainly base their view on the completion of macroeconomic benefits in the first half of the year and a return to the basic situation, coupled with recent production restrictions leading to a noticeable decline in iron ore prices. Some companies believe that important meetings in July may have positive expectations, which will support the prices.
Focusing on the steel industry, we provide real-time trade prices for steel, scrap, coke, iron ore, and other commodities nationwide, as well as industry news, steel mill price adjustments, market hotspots, and research reports.
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Disclaimer: The information provided by Mysteel is for reference only and does not influence any decisions made by clients.
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