MMi Daily Iron Ore Index Report July 08 2024

DCE iron ore futures market falling sharply trends. the main contract closed 825.5. an decrease of 3.34% throughout the day; some traders were negative to sell. Some steel mills few inquiries ,and purchased on demand, total transactions remained insipid. PBF at Shandong port dealt 820-825 yuan/mt; decreased 10-20 yuan/mt from last Friday. PBF at Tangshan port dealt 835 yuan/mt; decreased 15-20 yuan/mt from last Friday. Last week, SMM’s global iron ore shipments totaled 34.32 million tons, a decrease of 2.3% compared to the previous week. Both Australia and Brazil experienced a decline in shipments. The total amount of iron ore arriving at SMM China’s port was 24 million tons, a decrease of 6.03% compared to the previous month. Overall, the shipment and arrival of iron ore are still at a high level; Based on the maintenance situation of SMM’s blast furnace this week, it is estimated that the molten iron will slightly decline; Iron ore inventory may continue to accumulate. In addition, due to the off-season of terminal demand, market concerns about demand remain, resulting in a significant decline in the market. However, as important meetings approach, the market still has certain expectations to support mining prices, making it difficult to open up short-term downward space and may continue to fluctuate.

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Source: Metals Market Index (MMi)