MMi Daily Iron Ore Index Report July 12 2022

DCE iron ore was was shocked all the day.The main contract closed at 707,decreased of 4.97%. 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 754-775 yuan/mt,decrease 5-

20 yuan/mt than yesterday; PBF at Tangshan port dealt 772-782 yuan/mt,decrease 13-23yuan/mt than yesterday. The news of the domestic epidemic has re-emerged, and the pessimism in the market has increased, and the iron ore futures disk continued to be weak last night. Steel mills panic selling and finished product inventories are low. The resumption of production of most steel mills is to be determined, and the demand for raw materials is difficult to improve. In the near future, macro data will be announced. In the case of unoptimistic data in May, there is a certain recovery expectation in the data in June. It is expected that the mining price will fluctuate widely in the short term.

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Source: Metals Market Index (MMi)