SMM

According to SMM's imported ore cost and profit table, the profit of imported ore increased slightly. SMM's global iron ore shipments totaled 31.32 million mt, down 1.2% MoM. Shipments from Australia and Brazil increased slightly, while those from non-mainstream mines declined significantly. SMM's iron ore port arrivals in China amounted to 21.6 million mt, down 25.3% MoM. In the short term, supply pressure is relatively small, and pig iron production has not yet peaked. The fundamentals of iron ore remain strong, coupled with the upcoming Politburo meeting in late April, the market expects favorable policies. It is anticipated that ore prices will continue to hold up well in the short term, and the profit of imported ore is expected to have room for slight increase.