Iron ore fundamentals and price outlook in May: the main pressure level is concerned about 935 yuan/ton

Gold ten futures on May 2 news, Shengda futures analysis pointed out that with the continuous destocking of steel and the increase of profitability of steel mills, steel mills are willing to resume production and drive hot metal production to gradually enter the upward range. May hot metal is expected to continue to increase. In addition, 45 port import mine is expected to start the destocking process under the combined effect of the increase in dredging port and the decrease in the volume of arrivals. According to the balance of supply and demand, 45 port import mine inventory will destocking about 4 million tons in May. May iron ore disk may be depressed first and then rose. In the absence of a new macro story, the disk first pullback to wait for the real improvement in fundamentals. In mid-to-late May, a new round of macro + fundamental expectations began, with macro and fundamental resonance driving the disk to a new high, with the main pressure level focusing on 935 yuan/ton.