MMi Daily Iron Ore Index Report February 03 2021
DCE iron ore futures recovered slightly yesterday, thoughphysical port stock prices dropped by around 10-15yuan/mt to 1055-1060yuan/mt for PB fines. According to SMM, more mills finished their restocking given the weak downstream demand, and shrinking profit margins. Both iron ore and coke prices remain bearish. As a result, iron ore inventory at ports may remain continue to rise before and after the Chinese New Year holiday. However, some market players say they expect iron ore inventory to fall after the holiday given the global demand is also expected to recover well.
Source: Metals Market Index (MMi)