MMi Daily Iron Ore Index Report July 12 2024

DCE iron ore futures continued to fluctuate in a day, the main contract closed 827. an increase of 0.3% throughout the day;some traders according to market conditions. Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 820-825 yuan/mt; ; increased 5 yuan/mt over yesterday. PBF at Tangshan port dealt 840-845 yuan/mt; increased 5 yuan/mt over yesterday. As of July 12th, the total inventory of 35 ports tracked by SMM was 146.22 million tons, an increase of 180000 tons month on month and 24.85 million tons year-on-year; The daily average port clearance of imported mines is 3.025 million tons, a decrease of 0.4 million tons compared to the previous period and a decrease of 27000 tons compared to the same period last year. This week, the pig iron began to decline, dragging down the decrease in port clearance volume; Port inventory continues to accumulate and mineral prices are under pressure, with insufficient upward momentum. Pay attention to whether next week’s meeting will bring favorable policies.

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Source: Metals Market Index (MMi)