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MMi Daily Iron Ore Index Report April 09 2021

As of April 9, iron ore inventories across 35 ports tracked by SMM totalled 124.69 million mt, a decrease of 400,000 mt from the previous week, but up 16.55 million mt year-on-year. Daily average deliveries from the 35 ports decreased 124,000 mt on a weekly basis to 2.55 million mt last week. Port arrivals in Tangshan increased, while daily average deliveries from ports fell further to 432,000 mt due to production restrictions at steel mills, pushing up port inventory in the region. Some steel mills began to purchase from ports in Shandong, allowing daily average deliveries from local ports to continue to increase. Port inventor y in the Yangtze River region declined significantly due to increased purchase from local steel mills. Daily average deliveries from ports are unlikely to pick up significantly in the short term, considering that the second round of central environmental protection inspections may affect purchasing of some steel plants. DCE iron ore futures continued to fluctuate within a narrow range today, and the port quotations of some steel mills in the morning have increased by 10-15yuan/mt. Approaching the weekend, following yesterday’s heavy trading volume, some steel mills are less enthusiastic about purchasing today. PBF at Shandong port dealt as 1140yuan/mt, an increase of 8-15 yuan/mt from yesterday while IOCJ at Shandong port dealt as 1355yuan/mt, and increase of 15-18yuan/mt. Mainstream medium and high-Fe iron ore are still favored by steel mills.

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Source: Metals Market Index (MMi)

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