MMi Daily Iron Ore Index Report April 29 2022

DCE iron ore futures open lower and go higher. an increase of 4.19% throughout the day. the main contract closed 869.5. the quotation in the morning was increased by 10 yuan/mt over yesterday, and the afternoon to continue to rise 10 yuan. Some steel mills purchased complement before May Day ，and tended to be wait-and-see, today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 975 yuan/mt; increased 20 yuan/mt over yesterday. SSF at Shandong port dealt 740 yuan/mt; increased 5-10 yuan/mt over yesterday. PBF at Tangshan port dealt 975-980 yuan/mt; increased 20-30 yuan/mt over yesterday. The Political Bureau of the COMMUNIST Party of China (CPC) Central Committee said at a meeting today, that it will step up macro policy adjustment to stabilize the economy, strive to achieve the economic and social development targets for the year, keep the economy operating within a reasonable range and boost market confidence. In addition, stocks at 35 ports tracked by SMM totaled 140.09 million tons, down 2.6 million tons month-on-month from last week, which significantly expanded the reduction, supporting prices. Taking into account the May 1 steel mill is still replenishing demand, is expected to be strong shocks.

Source: Metals Market Index (MMi)