SMM

SHANGHAI, Apr 28 (SMM) – Looking into next week, although Australia's shipments will continue to increase, port arrivals may decline as previous shipments were hindered by hurricane in the country. Daily average shipments from domestic ports have been relatively high recently. As such, port inventory is expected to extend declines. Some steel mills with low inventory will restock after the week-long holiday. Considering that steel demand will basically stagnate during the holiday and the US Federal Reserve will probably raise interest rate soon, iron ore prices may face downward pressure after the holiday.