MMi Daily Iron Ore Index Report April 18 2024

DCE iron ore futures market rose by 3.07%. The main contract I2409 closed at 874. Trade merchants are actively shipping goods and have a strong willingness to hold prices；Some steel mills purchased on demand. the market has a good trading atmosphere today. PBF at Shandong port dealt 882-888 yuan/mt; increased 0-5 yuan/mt over yesterday. PBF at Tangshan port dealt 905-910 yuan/mt; increased 5-10 yuan/mt over yesterday. This week, the top ten ports for iron ore still show a build-up of inventory; fines, concentrates, and lumps are in a surplus state; while pellets are in a destocking state. The pressure on iron ore remains. In addition, today’s apparent demand and inventory data for building materials are average, and the price increase of iron ore is weakening.

Source: Metals Market Index (MMi)