MMi Daily Iron Ore Index Report July 10 2024

DCE iron ore futures continued to trend in a day. the main contract closed 813. an decrease of 1.81% throughout the day; Some traders do not sell. Some steel mills are lowering prices for procurement. total transactions remained insipid. PBF at Shandong port dealt 810-820 yuan/mt; decreased 15-20 yuan/mt over yesterday. PBF at Tangshan port dealt 820-830 yuan/mt; decreased 15-20 yuan/mt over yesterday. According to SMM research, on July 10th, the operating rate of blast furnaces according to SMM statistics was 94.36%, which remained stable month on month. The utilization rate of blast furnace production capacity is 96.38%, a decrease of 0.05% compared to the previous period. The daily average iron production of the sample steel plant was 2.3045 million tons, a decrease of 0.1 million tons compared to the previous period. At present, steel mills generally have poor profits, and coupled with the deepening impact of the off-season on steel, the market expects the demand for finished products to further weaken. The expectation of significant meetings is expected to weaken, and it is expected that short-term mining prices may continue to operate weakly.

Source: Metals Market Index (MMi)