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MMi Daily Iron Ore Index Report December 07 2021

DCE iron ore futures rose largely today,the main contract closed 659.5,an increase of 6.72% throughout the day. the quotation in the morning was increased by30 yuan/mt over yesterday.and afternoon was increased 20 yuan/mt again. some traders were active to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. today’s overall market transactions today to traders, trading volume increased slightly. PBF at Shandong port dealt 700-720 yuan/mt, increased 30-50 yuan/mt over yesterday; SSF at Shandong port dealt 455, increased 30 yuan/mt over yesterday;.PBF at Tanshan port dealt 700-710 yuan/mt; Yesterday, The People’s Bank of China lowered the RRR rate for financial institutions by 0.5 percentage point on December 15, 2021. Meanwhile, the Economic Blue Book published by the Chinese Academy of Social Sciences also boosted the confidence of the real estate sector, pushing up iron ore prices. On the other hand, the early steel work is insufficient, hot metal production is at a low level, the current steel profit recovery and crude steel reduction production completed ahead of schedule, steel production expectations are higher, there is also some support for the price of iron ore in the short term will continue to be strong shock.

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Source: Metals Market Index (MMi)

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