MMi Daily Iron Ore Index Report July 04 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 719.5,decreased of 5.82%. Traders are generally motivated to ship, steel mills are mainly on the sidelines, and there are few transactions in the market.PBF at Shandong port dealt 785 -805yuan/mt,decrease 30-40 yuan/mt compare with yesterday. PBF at Tangshan port dealt 795-805 yuan/mt,decrease 25-35 yuan/mt. In the off-season of the steel market, the iron ore futures market continued to be suppressed, and the iron ore futures market continued to decline. Iron ore prices continued to fall sharply for two days, but less than the decline in finished products, and steel mill profits contracted again. And the blast furnace maintenance news increased again this week, and the demand for iron ore was weak. Superimposed on the gradual easing of overseas supply, the mining price is expected to be weak and volatile in the short term.

Source: Metals Market Index (MMi)