MMi Daily Iron Ore Index Report December 04 2024

Today, iron ore futures continued to fluctuate, with the most-traded contract I2501 closing at 812 yuan, up 0.43% for the day. Traders showed moderate enthusiasm for selling, with a strong wait-and-see sentiment; steel mills were cautious in their inquiries, primarily purchasing as needed. The market trading atmosphere was generally average today. In Shandong, the mainstream transaction prices for PB fines were 798 yuan/mt, up 0-5 yuan/mt from yesterday; in Tangshan, the transaction prices for PB fines were 810 yuan/mt, basically flat from yesterday. According to an SMM survey, on December 4, the operating rate of blast furnaces at 242 surveyed steel mills was 88.94%, down 0.22% MoM. The daily average pig iron production of the sample steel mills was 2.4101 million mt, up 10,100 mt MoM. In the short term, steel mill profits slightly improved, providing some support for ore prices. Coupled with the market’s positive expectations for upcoming major meetings, iron ore prices are expected to have room for further upward movement in the short term.
Source: Metals Market Index (MMI)