MMi Daily Iron Ore Index Report August 09 2023

DCE iron ore futures continued to fluctuate in a day by 0.07%.the main contract I2401 closed 723. some traders quotation is still stronger. steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 835 yuan/mt; decreased 15 yuan/mt over yesterday. Tangshan port dealt 837-842 yuan/mt; increased 2-7 yuan/mt over yester- day. In July, the CPI changed from a decrease to an increase month on month, with overall sufficient domestic production and supply, and improved demand in some industries. Market sentiment has slightly improved. In addition, SMM’s high aluminum operating rate has slightly increased this week, and there are still expectations of growth in iron ore demand, both of which provide some support for ore prices. However, considering the negative news of real estate in the past two days and other factors that have suppressed iron ore prices, it is expected that the short-term trend of ore prices will continue to fluctuate.

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Source: Metals Market Index (MMi)