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MMi Daily Iron Ore Index Report April 22 2021

Although DCE iron ore futures market vibrated venerably, quotations in the physical port stock market in the morning session kept increasing by around 5yuan/mt continuously. PBF was closed at 1230yuan/mt in Tangshan market and was 1235yuan/mt in Shandong market, with price concession of 0-5yuan/mt over yesterday. SMM’s data showed the operating rate of domestic blast furnaces increased by 1.3% to 85.8% this week, which offered certain supports to iron ore prices. But, in consideration of the slow destocking of steel products, mills profits have small room to expand, and thus iron ore prices under increasing pressures. In the short run, traders in the physical port stock market held firm on their quotations due to the tight supply of mainstream medium and high grade availabilities, especially the five-days May Day holiday is coming, mills have restocking demands.

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Source: Metals Market Index (MMi)

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