MMi Daily Iron Ore Index Report February 21 2019
Few spot transactions today with market participants at odds on current price levels. Mills continue to reduce their inventories and some say Tangshan mill inventories will last about a week. Traders are thus confidence of some buying in the near-future However, a heavy pollution weather warning in Handan and Wu’an may mean that due to the sintering production cuts, some mills may stay away from the market. Iron ore prices of late have been heavily dependant on margins and there may still be some support given the view that mills will need to buy in the coming week or so.
Source: Metals Market Index (MMi)