Last week, the social financing data showed that M1 declined 7.3% YoY in August, reflecting weak domestic demand.

According to the SMM import ore cost-profit statement, the profits of imported ore have declined slightly. The social financing data released last week showed that M1 continued to decline year-on-year to -7.3%, reflecting weak domestic demand. In addition, there have been frequent news of steel anti-dumping recently, and some countries have already implemented anti-dumping policies. Although they will not directly affect steel exports in the short term, they have caused significant disruptions to market sentiment, restraining the upward space of ore prices. Furthermore, Vale recently revised upwards its target production for 2024, further increasing the pressure on iron ore supply. It is anticipated that ore prices will struggle to surge significantly next week, and profits from imported ore are expected to remain volatile.