MMi Daily Iron Ore Index Report December 22 2020

The surge in iron ore pricing screeched to a halt today, with financial markets particularly hard hit. At the ports, PBF concluded between 1140- 1165yuan/mt in Shandong, showing small declines on yesterday on low volumes traded. Some traders refuse to sell. Mills put off their
purchasing plans given the volatile markets. A total of 112 vessels carrying 16.8 million mt of iron ore arrived at major Chinese ports during December 13-19, SMM estimates. This was up 2.15 million mt from the previous week and 2.06 million mt from the same period last year. Arrivals at Tangshan port increased one million mt on the week. For the same week, iron ore deliveries leaving Australian ports expanded 2.21 million mt on a weekly basis to 16.67 million mt, up 1.99 million mt on the year. Shipments that departed Brazilian ports were estimated to decrease 360,000 mt week on week to 6.93 million mt. This was 1.09 million mt higher than the same period last year.

Source: Metals Market Index (MMi)