MMi Daily Iron Ore Index Report January 19 2023

DCE iron ore futures rose by 1.55% today, the main contract closed 852.5.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 855 yuan/mt,increase 11-15 yuan/mt . According to the inventory data of ten ports tracked by SMM, the total inventory of ten ports decreased by 0.8% to 89.21 million tons this week. In terms of varieties, except for lump ore, the other three types of ports have declined slightly. As the Spring Festival approaches, the market procurement demand has been greatly reduced, and there is no obvious contradiction in the fundamentals. It is expected that the iron ore price will fluctuate in the short term.

Source: Metals Market Index (MMi)