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MMi Daily Iron Ore Index Report February 22 2021

DCE iron ore futures rose 5% during the morning trading session, and I2105 hit 1180yuan/mt. Physical port stock quotes similarly rose by 30yuan/mt and PBF was closed at 1180yuan/mt in Tangshan. However many of the gains were lost during the afternoon. Rising expectations on the economic recovery of the international market and strong Chinese domestic steel mill demand have helped push up iron ore prices though trading volumes were low. Tangshan announced a round of emergency response due to heavy pollution and some mills were cautious in purchasing. Some steel mills in Shanxi province started to down adjust coke prices, and mill profits are expected to pick up gradually.

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Source: Metals Market Index (MMi)

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