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MMi Daily Iron Ore Index Report December 03 2021

DCE iron ore futures market falling trends by 3.08%,the main contract 2201 closed 597. the quotation in the morning was decreased by10-20 yuan/mt over yesterday. some traders give more bargain space on some brands and their negotiation pattern is more flexible,Some steel procurement more cautious. total transactions remained insipid. PBF at Shandong port dealt 650 yuan/mt, decreased 20-30 yuan/mt over yesterday; SSF at Shandong port dealt 415-420.PBF at Tangshan port dealt 660 yuan/mt, decreased 15-20 yuan/mt over yesterday.The iron ore inventories across the 35 Chinese ports tracked by SMM totalled 150.41 million mt, an increase of 1.66 million mt from the previous week and 29.35 million mt year-on-year. The daily average shipments from the 35 ports dropped 43,000 mt on a weekly basis to 2.68 million mt. Tangshan issued plan to fight air pollution, which imposes control on pollution sources like heavy diesel trucks, leading to a slight decline in shipments from the two major ports in the region. Shipments from the two major ports in Tangshan are expected to continue to decrease this week as the pollution control may be extended. It is expected that the increase of overall port inventory will slow down as the recent overhaul of overseas ports has resulted in a sharp decline in arrivals from Australia and Brazil.

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Source: Metals Market Index (MMi)

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