MMi Daily Iron Ore Index Report December 30 2020
DCE iron ore futures market continued moving lower when the Ministry of Industry and Information Technology of the People’s Republic of
China (MIIT) stated that they need to cut down crude steel production and make sure there was a YoY decline of crude steel production. Quotes in the physical port stock market remained relatively stable during the morning, but transaction prices dropped by 20-30yuan/mt. As tomorrow is the last working day before the New Year’s holiday, mills purchasing demand rose a concluded transactions were up over yesterday. PBF was traded at 1070-1075yuan/mt in Shandong and 1080-1085yuan/mt in Tangshan. As some mills started to build their iron ore inventory, future number transactions are expected to pick up.
Source: Metals Market Index (MMi)