MMi Daily Iron Ore Index Report August 30 2021

DCE iron ore futures continued to rise slightly in a day, some traders up-regulined the quotation by around 30yuan/mt over last Friday. Steel mills bought on their demands, traders tended to sell positively today. PBF at Shandong port dealt 1080yuan/mt, up 30yuan/mt over last Friday; PBF at Tangshan port dealt 1085yuan/mt. Relatively high steel profits continues to support iron ore price in the short-term. However, the pig iron production resulted from the blast furnaces overhaul would continue to decrease this week, according to SMM data. Under the circumstance of production restriction, pig iron production still be restricted, which resulted in decreasing iron ore demand. Also, with accumulating port inventory of imported iron ore, it expects the iron ore rebounding space will be likely limited.

Source: Metals Market Index (MMi)