Zhengxin Futures: Inventory replenishment expectations remain, and mineral prices are fluctuating with a slight upward trend

K-LinePoet · 2026-04-01T22:11:36+00:00

The blast furnace production restrictions in North China have ended today, and steel mills may accelerate resumption of production. Iron ore demand is rebounding, and ore prices remain relatively strong. This week, Australian and Brazilian shipments dropped significantly week-on-week, but port arrivals stabilized and then rebounded, indicating an overall improvement in supply. On the demand side, pig iron production declined, and terminal demand for iron ore decreased week-on-week. Regarding inventories, port throughput has rebounded after stabilization, port inventories slightly increased, and steel mill inventories are still being destocked. The replenishment demand is gradually being released. Overall, the recent iron ore supply and demand structure has improved week-on-week, with better trading activity in the steel market and increased iron ore demand driven by downstream restocking, leading to a generally oscillating upward price trend.

K-LinePoet

2026-04-01 22:11:36

Today, blast furnace curtailments in North China have ended. Steel mills may accelerate their restart of production. Demand for iron ore is rebounding, and iron ore price movements remain relatively strong. This week, shipments from Australia and Brazil fell sharply month over month, but arrivals have stopped declining and rebounded. Overall, supply has improved month over month. On the demand side, blast furnace hot metal output has declined, and terminal demand for iron ore has also fallen month over month. In terms of inventories, the amount of ore shipped by rail has risen, port inventories have increased slightly, steel mill inventories are still being reduced, and replenishment demand is gradually being released. Overall, in the near term, the iron ore supply-and-demand structure has improved month over month. As futures are trading on improving steel demand and downstream replenishment supports a rebound in iron ore demand, prices are generally showing a pattern of consolidation with an upward bias.

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