MMi Daily Iron Ore Index Report April 07 2021
A total of 91 vessels carrying 12.02 million mt of iron ore arrived at major Chinese ports during March 28-April 3, SMM estimates. This was up 730,000 mt from the previous week, but down 1.41 million mt from the same period last year. For the same week, iron ore deliveries leaving Australian ports fell sharply by 3.46 million mt on a weekly basis to 16.6 million mt. Shipments that departed Brazilian ports were estimated to drop 490,000 mt week on week to 5.95 million mt. This was 330,000 mt higher than the same period last year. Lower shipments from Australia and Brazil and strong demand for medium and high-grade iron ore will support ore prices in the near term. DCE iron ore futures market maintained strong momentum, with physical port stock price hike of 5yuan/mt in Shandong and Tangshan market. Some steel mills conducted their increasing procurements since from last month given the increasing profits. According to SMM, steel mills profits for rebar and HRC recently rose to more than 700 and 1000 yuan/mt, based on iron ore price of 168USD/mt. Meanwhile, their preference for mainstream medium and high grade iron ore products also excited iron ore prices as well.
Source: Metals Market Index (MMi)