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MMi Daily Iron Ore Index Report January 23 2019

Physical iron ore port stock were relatively stable as the number of concluded trades remain low. Mills in Tangshan have completed their purchasing programs. The Tangshan billet price was announced today at 3400yuan/mt until Feb.10th, 2019. According to SMM’s research, mills’ demands for medium-low grade products has grown, whilst the ratio of pellets in the blast furnace feed has increased. Mill profits have recovered from late November and coupled with Tangshan’s strict sintering restriction, this has driven pellet demand. It is predicted that the mills current blend ratio in blast furnaces will remain at current levels following CNY.

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Source: Metals Market Index (MMi)

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