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MMi Daily Iron Ore Index Report April 21 2021

The three mining giants including RT, BHPB and Vale successively released their operating performance for the first quarter of 2021. Iron ore production from the three giants totaled about 200 million mt in Q12021, with YoY growth of around 3%, while dropped by more than 12% or 28 million mt from the fourth quarter of 2020. Market players’ bullish sentiments strengthened as iron ore supply growth turned to be tepid. DCE iron ore futures market extended the strong momentum and prices in the physical port stock market increased by 10-25yuan/mt. PBF was closed at 1240yuan/mt in Shandong market, as mills preference for mainstream medium and high grade iron ore products remained high. Besides, as the five-days May day holiday approaches, some mills started restocking gradually, which pushed iron ore prices up further.

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Source: Metals Market Index (MMi)

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