SMM

SMM data shows high iron ore shipment volumes in March, driven by mines aiming to hit quarterly targets and two additional working days compared to February. Considering these elements, March likely saw a MoM rise in iron ore import volumes. As April ushers in peak demand season and steel mills ramp up, pig iron output is set to grow, boosting iron ore demand. Yet, due to falling ore prices impacting shipments to China and tepid domestic spot buying, along with April having one fewer working day than March, iron ore import volumes might see a MoM decrease.