Home / Commodities / Chinese iron ore and steelmaking prices / MMi Daily Iron Ore Index Report February 08 2022

MMi Daily Iron Ore Index Report February 08 2022

DCE iron ore futures continued to fluctuate by 1.05%.the main contract closed 821. the quotation in the morning was increased by 20-30 yuan/mt over yesterday. some traders were active to sell, Some steel mills tended to be wait-and-see. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 965-970 yuan/mt, increased 10-15 yuan/mt over yesterday; SSF at Shandong port dealt 640 yuan/mt, increased 15 yuan/mt over yesterday; PBF at Tangshan port dealt 970-972 yuan/mt, increased 15-20 yuan/ mt over yesterday; According to data tracked by SMM, 57 ships arrived at domestic main ports in January 31 – February 6. Arrivals of cargoes are estimated to stand at 8.8 million mt, down 1.39 million mt from the previous week and down 8.28 million mt year on year. Shipments that departed Australian ports were estimated to rise 0.22 million mt week on week to 15.97 million mt, up 3.54 million mt on the year. And that from Brazilian ports decreased 1.14 million mt to 4.01 million mt on a weekly basis, down 1.65 million mt on the year. The arrivals at ports dropped significantly in the last session due to hurricane in Australia and rainstorm in Brazil, which are expected to return to normal as the rainstorms in Brazil have basically ended. On the other hand, the steel mills in north China received strict production restrictions, while others mostly consumed in-plant inventories, resulting in weak demand. Nonetheless, considering the restocking demand after the Lantern Festival, iron ore prices will gain relatively strong support and hover at a high level.

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Source: Metals Market Index (MMi)

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