MMi Daily Iron Ore Index Report April 14 2023

DCE iron ore first rose and then fell, the main contract I2309 closed 769. an decrease of 0.83% throughout the day; part of the business quotation shipping mentality turn weak; Some steel procurement more cautious, the continuation of a small number of multi-frequency procurement strategy .today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 880 yuan/mt; the same as yesterday. PBF at Tangshan port dealt 8893-900 yuan/mt; increased 1-5 yuan/mt over yesterday. The total inventory of 35 ports tracked by SMM is 125.77 million tons, a decrease of 2.1 million tons compared to last week and a decrease of 14.32 million tons compared to the same period last year. As of now, the inventory of 35 ports has decreased for seven consecutive periods. The daily average port clearance volume of imported mines in this period decreased by 49000 tons on a weekly basis to 3.086 million tons, and the current daily average port clearance volume has already declined. Steel mills have reported poor demand for steels recently, leading to individual steel mills reducing production and load independently. But currently, the steel mills still have profits and are not yet sufficient to generate negative feedback. It is expected.

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Source: Metals Market Index (MMi)