MMi Daily Iron Ore Index Report December 28 2020

The novel coronavirus mutation in the UK caused widespread concern in the market, and participants were more likely to be risk-off. A domestic cold weather warning has occurred in many areas over the weekend and weaker downstream demand is expected to rise. DCE iron ore futures market dropped clearly over last Friday, and the physical port stock prices for PBF were concluded at 1120yuan/mt and 1100yuan/ mt in Tangshan and Shandong respectively, about of 5-15yuan/mt lower over Friday. Traders showed little enthusiasm to cut offers, while mill inquiries at the beginning of this week started off weak. Considering the upcoming New Year’s festivities, some mills do have restocking demand this week.

Source: Metals Market Index (MMi)