MMi Daily Iron Ore Index Report April 20 2022
DCE iron ore futures continued to fluctuate by 1.75% in a day. the main contract closed 898. the quotation in the morning was increased by 5 yuan/mt over yesterday. Most traders negotiation pattern is more flexible. steel mills purchased on demand. Market wait-and-see sentiment increased, transactions atmosphere is acceptable.. PBF at Shandong port dealt 995-1000 yuan/mt; increased 5 yuan/mt over yesterday. SSF at Shandong port dealt 740-745 yuan/mt; increased 10 yuan/mt over yesterday. MACF at Tianjin port dealt 975-985 yuan/mt. decreased 15-20 yuan/mt over yesterday. Yesterday the National Development and Reform Commission said that this year will continue to implement crude steel production reduction, affected by this weak iron ore disk shock. On the other hand, today Rio Tinto and Vale successively released the production and sales situation of the first quarter, which decreased significantly from the previous quarter, but mainly because of seasonal factors. In the expectation, the overall supply has little impact, and the second quarter is the traditional peak season for shipping, when the shipping volume of major mines will reach the year’s high. Overall, the pattern of loose supply remains. Iron ore is expected to remain volatile this week.
Source: Metals Market Index (MMi)