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MMi Daily Iron Ore Index Report April 27 2022

DCE iron ore futures rose today, an increase of 2.61% throughout the day, the main contract closed 826.5. the quotation in the morning was increased by 10 yuan/mt over yesterday. some traders were active to sell, steel mills purchased on demand, total transactions remained insipid. PBF at Shandong port dealt 935-940 yuan/mt; increased 5-10 yuan/mt over yesterday. PBF at Tangshan port dealt 935 yuan/mt; increased 5 yuan/mt over yesterday. SSF at Tangshan port dealt 708-715 yuan/mt; increased 10 yuan/mt over yesterday. Recently, the COVID-19 epidemic in Shanghai has reached an inflection point; Hebei a number of steel factories concentrated to unseal, logistics and transport development. On the other hand, the national colleagues in the comprehensive prevention and control of the epidemic will not waver in their determination to stabilize the economic targets, which has boosted market confidence. Taking into account the May Day holiday approaching, replenishing warehouse demand has increased, supporting the mine price, is expected to continue strong shock operation tomorrow.

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Source: Metals Market Index (MMi)


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