Iron ore production is expected to remain at a high level in the second quarter. Will iron ore prices be suppressed by this?

Gold ten futures on May 7th news, CITIC futures analysis pointed out that, combined with the first quarter financial report of the four major mines, it is expected that the three major mines in Australia will maintain the continuous growth of ore shipments in the second quarter, thus driving the global ore shipment level in the second quarter The growth rate remained above 3%, corresponding to the second quarter of domestic ore resources to Hong Kong at a year-on-year growth rate of 7.9%, and the supply pressure of domestic ore resources did not decrease. At the same time, the resumption of production of domestic steel enterprises will continue to advance steadily. It is expected that the average daily output of hot metal in the second quarter will recover to the level of 2.32 million tons, an increase of 4.6% over the first quarter, but still maintained a 4.4% decrease compared with the level of the same period last year. In view of this, < b > the total inventory level of ore in the second quarter is expected to rise and fall, with the overall maintenance at a high level of 1.98-200 million tons , and the year-on-year inventory growth rate will gradually increase to 15-16% to maintain this level. Therefore, it is necessary to pay attention to the inventory pressure of ore in the medium term, and ore prices will continue to be suppressed by high inventories in the second quarter.