MMi Daily Iron Ore Index Report January 18 2023

DCE iron ore futures rose by 0.9 % today, the main contract closed 841.5.The traders’ willingness to ship is less.The steel mills are wait and see .The overall trading sentiment of the market is worse.PBF at Shandong port deal 840-844 yuan/mt,increase 2-6yuan/mt; SSF at Shandong port deal 720 yuan/mt. On the macro aspect today, the three departments warned the relevant iron ore trading enterprises and futures companies not to fabricate and spread the price increase information, not to speculate excessively, effectively control the iron ore price, and ensure the stable operation of the futures market. On the demand side, the blast furnace operation rate and capacity utilization rate calculated by SMM have improved. It is estimated that the national average daily output of molten iron is 2.6196 million tons, and the iron ore demand still exists. The holiday is approaching again, and the purchase demand is decreasing again. It is expected that the short-term iron ore price fluctuation will be the main operation.

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Source: Metals Market Index (MMi)