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MMi Daily Iron Ore Index Report December 28 2021

DCE iron ore futures market still fall trends. the main contract closed 673.5, an decrease of 3.37% throughout the day; the quotation in the morning was decreased by 10 yuan/mt over yesterday. some traders were active to sell, Some steel mills still tend to be wait-and-see.so total transactions is poor. PBF at Shandong port dealt 780-795 yuan/mt, decreased 5-20 yuan/mt over yesterday; SSF at Shandong port dealt 480-485 yuan/mt, decreased 10-15 yuan/mt over yesterday; According to data tracked by SMM, 67 ships arrived at domestic main ports in December 20 – 26. Arrivals of cargoes are estimated to stand at 10.17 million mt, up 0.28 million mt from the previous week and down 3.27 million mt year on year.Shipments that departed Australian ports were estimated to increase 0.74 million mt week on week to 20.05 million mt, up 0.29 million mt on the year. And that from Brazilian ports increased 1.78 million mt to 6.58 million mt on a weekly basis, down 1.46 million mt on the year. The total arrivals of imported ore increased slightly from the prior week, and the combined shipments from Australia and Brazil also increased. The iron ore demand increased significantly recently as the blast furnaces that have completed the annual crude steel output control target are resuming the production in the last week of 2021, and some steel mills have also been restocking before the Chinese Spring Festival. On the other hand, however, the combined shipments from Australia and Brazil were increasing steadily, and the port inventory was still at a high level, resulting in sufficient supply of iron ore. Hence the iron ore prices are likely to keep moving rangebound.

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Source: Metals Market Index (MMi)

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