MMi Daily Iron Ore Index Report August 23 2022

DCE iron ore was was shocked and keep upward all the day.The main contract closed at 705,increased of 2.47 %. Traders are no more motivated to ship. Steel mills are more mainly on the sidelines, and market turnover continues to pick up.PBF at Shandong port dealt 733-750 uan/mt,increase 5-15 yuan/mt than yesterday. SSF at Shandong port dealt 635 yuan/mt,increase 10 yuan/mt than yesterday. PBF at Tangshan dealt 755-765 yuan/mt,increase 5-15 yuan/mt than last week. Near the end of August, the delivery date of some orders is coming, and traders may start searching for goods to complete the orders. At present, the market mentality has improved, the confidence in the increase of demand in the peak season has been restored, and the iron ore market has rebounded slightly. In terms of demand, the production lines of blast furnace steel plants in Sichuan and Chongqing have been reduced to different degrees due to the impact of high temperature weather in the early stage. The power restriction policies in other regions are only limited to some regions and some time periods. In addition, some long process steel plants use gas for circulating power.

Source: Metals Market Index (MMi)