MMi Daily Iron Ore Index Report February 13 2023

DCE iron ore futures declined by 2.21 % today, the main contract closed 841.5.The traders’ willingness to ship is more.The steel mills are active to purchase .The overall trading sentiment of the market is better.PBF at Shandong port deal 855-865 yuan/mt, decrease 5-17 yuan/ mt.PBF at Tangshan port deal 863-873 yuan/mt,decrease 2-12 yuan /mt. Fundamentally, Australia’s supply has been slightly tightened due to the impact of the BHP railway incident and the port clearance of Walcott Port. The iron ore supply in Brazil has been slowly repaired, and the supply end is generally at the average level of the same period in previous years. The arrival volume of China’s main ports has increased slightly this week, and it is expected that there will still be a narrow fluctuation in the later period. On the demand side, the resumption of blast furnace production this week increased, supporting the increase of molten iron production. However, the current iron ore price is still affected to a certain extent by the macro news and finished product demand data, and it is expected that the iron ore price will still fluctuate in the short term.

Source: Metals Market Index (MMi)