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MMi Daily Iron Ore Index Report April 01 2022

DCE iron ore futures open lower and go higher, an increase of 3.46% throughout the day, the main contract closed 926. The spot quotation in the morning almost kept steady. some traders were active to sell, steel mills purchased on demand; but speculative trading has increased; Today the overall market transaction atmosphere is acceptable. PBF at Shandong port dealt 1000-1008 yuan/mt; increased 10-20 yuan/mt over yesterday. SSF at Shandong port dealt 720-735 yuan/mt; increased 10-20 yuan/mt over yesterday. SSF at Tangshan port dealt 728-735 yuan/mt, increased 10-15 yuan/mt over yesterday. PBF at Jiangnei port dealt 1030 yuan/mt; Stocks at 35 ports tracked by SMM totaled 149.35 million tons as of April 1, down 1.08 million tons from the previous week and up 17.2 million tons from the same period last year. At the same time, the daily port clearance volume of imported ore increased by 37,000 tons to 2.568 million tons per week. The main reason is that the impact of the epidemic has eased in some parts of northern China, the blast furnace and sintering of steel mills have resumed production, and the demand for iron ore has picked up, leading to a small increase in daily port clearance. And the recent import of ore to the port cargo volume is still significantly decreased, which has led to a decline in the port inventory. Considering the Tomb Sweeping Day holiday next week and the impact of the epidemic in some parts of China, the improvement of transportation efficiency is limited. It is expected that the daily port clearance will not increase significantly, and the decline of port inventory may be limited. But after the epidemic, the steel supply is expected to be strong, and the mine price is expected to be strong.

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Source: Metals Market Index (MMi)

 

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