MMi Daily Iron Ore Index Report January 31 2023

DCE iron ore futures declined by 1.31% today, the main contract closed 866.The traders’ willingness to ship is more. The steel mills are active to purchase .The overall trading sentiment of the market is better.PBF at Shandong port deal 879-881 yuan/mt, PBF at Tangshan port deal 880-890 yuan/mt. The futures market opened after the holiday, and the market sentiment was more optimistic with the guidance of the market. At present, the profits of steel mills have improved, the selection of raw material varieties has increased, and the coke has been expected to rise and fall three times, so the enthusiasm of steel mills for production has increased. According to SMM statistics, the impact of blast furnace maintenance on molten iron this week was 1.6397 million tons, a decrease of 6100 tons compared with that of last week. The impact of blast furnace overhaul on molten iron next week will be 142800 tons less than this week, and the demand is expected to be released next week. Considering the policy fluctuation at the beginning of the year, iron ore is still dominated by shocks in the short term.

Source: Metals Market Index (MMi)