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MMi Daily Iron Ore Index Report January 13 2022

DCE iron ore futures continued to fluctuate narrowly, main contract concluded 739, a slightly decrease of 0.7% over yesterday. The overall market atmosphere still keep hot today, which driven by the replenishment enthusiasm before Spring Festival. PBF at Shandong port dealt 835- 855yuan/mt, PBF at Shandong port dealt 847-855yuan/mt. The operating rate of blast furnaces tracked by SMM this week was 80.66%, an increase of 0.44% week-on-week; only a few steel mills in North and Central China resumed their BFs’ production, and the operating rate rose slightly. As the Winter Olympics approaching, there are frequent reports of production restrictions for steel mills in northern region. It has been a period of time before the replenishment for Spring holiday, and it is relatively difficult to see a significant increase in the demand increment for iron ore. However, the recent heavy rain in Brazil may reduce the supply of iron ore, so SMM believes that iron ore will still support iron ore price in the short term.

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Source: Metals Market Index (MMi)

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