MMi Daily Iron Ore Index Report August 30 2022

DCE iron ore was was shocked and keep downaward all the day.The main contract closed at 682,decreased of 5.01%. Traders are generally motivated to ship. Steel mills are more mainly on the sidelines, and market turnover continues to pick up.PBF at Shandong port dealt 730-740 yuan/mt,decrease5-15 yuan/mt than yesterday; SSF at Shandong port dealt 635yuan/mt,decrease 10 yuan/mt than yesterday.PBF at Tangshan dealt 740-750 yuan/mt,decrease 10-20 yuan/mt than yesterday. At present, the low stock level of the steel plant is superimposed on the stock preparation on the eve of the Mid Autumn Festival, and there is a certain demand for replenishing the stock. Moreover, the resumption of production of the blast furnace continues, and there is still room for increasing the demand for iron ore. However, the current poor profit of the steel plant has affected the enthusiasm of production, and the market sentiment affected by the macro news has not subsided, and the ore price has been suppressed. In general, iron ore prices may fluctuate widely in the short term.

Source: Metals Market Index (MMi)