MMi Daily Iron Ore Index Report January 05 2024

DCE iron ore futures fall by 1.38 in the today. the main contract I2405 closed 1000. Some traders adopt separate quotations. Some steel mills tended to be wait-and-see, and purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 1045-1050 yuan/mt; decreased 10-15 yuan/mt over yesterday. SSF at Tangshan port dealt 940 yuan/mt; decreased 5 yuan/mt over yesterday. As of January 5th, SMM has tracked a total of 119.31 million tons of inventory in 35 ports, with a cumulative inventory of 2.41 million tons compared to last week; The daily average port clearance volume of imported ore in this period increased by 78000 tons on a weekly basis to 2.937 million tons. This week, port clearance continued to increase, but the growth rate slowed down. This is mainly due to the demand for restocking in steel mills near the Spring Festival. However, the current iron ore price is relatively high, and the pace of restocking is slow. Looking ahead next week, pre holiday restocking may drive an increase in transaction volume, while mining prices still have support and are expected to fluctuate at high levels.

Download PDF

Source: Metals Market Index (MMi)