MMi Daily Iron Ore Index Report April 12 2021
DCE iron ore futures first declined and then rose today, port quotations in the morning were basically stable compared to last Friday. Some traders were quite cautious about the port price and they provide bargain room for steel mills in the morning. PBF at Shandong port dealt as 1137 yuan/mt in the morning while dealt as 1145-1150 yuan/mt in the afternoon due to DCE iron ore futures’ performance. Data tracked by SMM shows that the domestic BF maintenance affects the amount of pig iron this week, which decreased by 15.4% from the previous month to around 0.51 million mt. The output of pig iron is expected to continue to increase this week. In addition, the port stocks of imported iron ore have decreased recently after five consecutive weeks of accumulation. There is a certain degree of support for the physical price of iron ore. In addition, driven by high profitability, steel mills continue to improve their demand for medium and high grade iron ore.
Source: Metals Market Index (MMi)