SMM

According to SMM's imported ore cost and profit table, the profit of imported ore slightly increased. US President Trump delivered a speech in public on Tuesday (April 22), acknowledging that the current tariffs on Chinese exports to the US are too high and are expected to be significantly reduced. This marks a softening of Trump's stance on his signature tariff policy. Market sentiment was relatively optimistic, driving a significant rise in the futures market. Additionally, according to an SMM survey, on April 23, the operating rate of blast furnaces in 242 steel mills surveyed by SMM was 88.58%, up 0.8 percentage points MoM. The capacity utilization rate of blast furnaces was 90.49%, up 0.66 percentage points MoM. The daily average pig iron production of the sample steel mills was 2.4415 million mt, up 16,700 mt MoM. Under the combined influence of macro and fundamental factors, it is expected that ore prices will continue to hold up well in the short term, and the profit of imported ore is still expected to have some room for increase in the short term.