MMi Daily Iron Ore Index Report December 23 2020

Markets have reversed and have gone risk-off, partially due to the rising pandemic in the UK and DCE imposing trading limits on iron ore futures market. Iron ore arrivals to China have increased, fuelling the falling confidence in the market. Quotes in the physical port stock market are holding up better than futures and some traders prefer to quote only when enquiries arrive. There were few transactions of PBF today in the physical port stock market, the transaction prices for IOCJ dropped by 70-80yuan/mt over yesterday. Along with the tenth consecutive coke price hike and considerable profits margins at the mills, their demand for medium and high grade iron ore products are still expected to maintain high levels.

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Source: Metals Market Index (MMi)