MMi Daily Iron Ore Index Report April 28 2022

DCE iron ore futures market rose by 3.53%,the main contract closed 851.5. the quotation in the morning was increased by 10 yuan/mt over yesterday, The afternoon to continue to rise. some traders quotation is still stronger. steel mills purchased on demand. PBF at Shandong port dealt 950-955 yuan/mt; increased 10-20 yuan/mt over yesterday. SSF at Shandong port dealt 730-735 yuan/mt; increased 20 yuan/mt over yesterday. PBF at Tangshan port dealt 950 yuan/mt; increased 15 yuan/mt over yesterday. This week, SMM’s blast furnace operating rate was 82.6%, up 0.21 percentage points on a week-on-week basis. Blast furnaces suspended due to the epidemic resumed production, and no new additions. In addition, policy support for logistics recovery has been strengthened, and the number of blast furnaces suspended due to the epidemic is gradually decreasing. The blast furnace operation rate is expected to increase in the short term. Taking into account the May Day holiday approaching, steel supply warehouse demand support mine prices. Mine price is expected to continue tomorrow strong shock.

Source: Metals Market Index (MMi)