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MMi Daily Iron Ore Index Report August 28 2023

DCE iron ore futures declined by 0.85% today, the main contract closed at 812.5.The traders’ willingness to ship is general.The steel mills are active to purchase.The overall trading sentiment of the market is less. PBF at Shandong port deal 885-886 yuan/mt,decrease 7-9 yuan/mt. PBF at Tangshan port deal 890 yuan/mt,decrease 3 yuan/mt. Starting from today, the stamp duty on securities trading will be halved, boosting market expectations and leading to a high opening of iron ore futures. But later, due to changes in financial sentiment, the iron ore futures market began to weaken. From the perspective of iron ore supply, the global iron ore shipment volume this week was 29.93 million tons, a decrease of 7.2% month on month. The port volume this week was 24.6601 million tons, a decrease of 10.85% month on month. On the demand side, some blast furnaces have temporary maintenance, and the production of molten iron may decrease. However, due to the short maintenance time, the rigid demand for iron ore is still at a high level. Overall, the fundamental pattern of iron ore has changed relatively little, and the current market volaƟlity is sƟll disturbed by funds. Overall, the ore price may fluctuate widely.

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Source: Metals Market Index (MMi)

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