MMi Daily Iron Ore Index Report December 05 2023

DCE iron ore futures declined by 0.36 % today, the main contract closed at 966. The steel mills are not active to purchase.The overall trading sentiment of the market is general. PBF at Shandong port deal 975 yuan/mt. SSF at Shandong port deal 870 yuan/mt. According to SMM statistics, the impact of blast furnace maintenance on molten iron this week has increased by 22.55 million tons compared to last week’s maintenance. Next week, there will be a month on month decrease. Based on the current profitability of the blast furnace, it is expected that both the operating rate and capacity utilization rate of the blast furnace will experience a pullback. This week, the demand side has been slightly affected by environmental inspections, and the fundamental support has slightly loosened. The Politburo meeting and economic meeting are approaching, and the expectation of policy easing is still ongoing. However, considering regulatory pressure and other risks, it is expected that iron ore prices will fluctuate widely in the short term.

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Source: Metals Market Index (MMi)