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MMi Daily Iron Ore Index Report January 06 2023

DCE iron ore futures rose by 1.85% today, the main contract closed 855.The traders’ willingness to ship is general.The steel mills are wait and see.The overall trading sentiment of the market is general.PBF at Shandong port deal 838-840 yuan/mt,increase 2-8 yuan/mt; PBF at Tangshan port dealt 845 yuan/mt,increase 5-10 yuan/mt. As of January 6, the inventory of 35 ports tracked by SMM had totaled 127.87 million tons, down 600000 tons compared with last week and 24.77 million tons compared with the same period last year. Up to now, 35 ports have been destocked for three consecutive periods. The average daily port dredging volume of imported ore in this period increased by 54000 tons to 3011000 tons on a weekly basis. Driven by the pre holiday replenishment of steel mills, the current port dredging volume has risen to a high level, and the steel mills’ profit has been restored again this week, so the steel mills’ enthusiasm for port dredging has rebounded. Next week, the impact of blast furnace maintenance on molten iron will be reduced on a ring to ring basis, with a weekly reduction of more than 100000 tons, and the corresponding increase in molten iron will support the demand for iron ore. In the future, the coke will have two rounds.

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Source: Metals Market Index (MMi)

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