SMM

Looking at this week, year-end surge in production of mines and the pre-holiday stockpiling of steel mills kept overseas shipments high. Boosted by the pre-holiday replenishment demand from most steel mills, iron ore demand may increase significantly this week, which will provide strong support for spot price at ports. It is expected that iron ore prices may still climb this week, and will be relatively volatile due to possible regulatory pressure at the current high price.