MMi Daily Iron Ore Index Report April 26 2021

DCE iron ore futures market recorded new high and I2109 hit 1166yuan/mt, quotations in the physical port stock market increased by 45- 60yuan/mt in Tangshan and Shandong market early this morning. Some traders enhanced their quotations again before the noon. PBF was closed at 1290yuan/mt in Shandong market, with price hike of 50-55yuan/mt. But mills purchasing intentions reduced due to the price jump. Traders see bullish to recent market and some of them refused to make large concessions on the prices. According to SMM, mills profits for rebar and HRC hovered around 600 and 900yuan/mt separately, based on iron ore price of 181USD/mt. Some mills in North China increased their procurements for the five-days holiday as they kept low-level in-plant inventory before. Although Tangshan government announced another round of production control, but there is limited influence on iron ore prices due to the short control time.

Source: Metals Market Index (MMi)