MMi Daily Iron Ore Index Report July 14 2021

DCE iron ore futures fluctuated narrowly throughout the day, the physical port quotations were relatively stable over yesterday’s deal price. Following yesterday’s increased market transactions, steel mills are not willing to buy raw materials with a relatively high price, total deal atmosphere decreased today. However, some traders are still not willing to sell while others sell normally considering the production restrictions expectations. PBF at Shandong port dealt 1480yuan/mt, down 5-10yuan/mt over yesterday; Yandi fines dealt 1195yuan/mt, down 5yuan/mt. Iron ore imported fell slightly by 0.42% MoM to 89.417 Mt, down as much as 12.06% YoY. Considering the expectation of production restrictions, iron ore demand still hard to increase largely. In addition, recent domestic port inventory continued to rise especially Lanqiao port, local steel mills buy on their demand; also, one SOE steel mill transfer their iron ore imported volume via long-term agreement to physical port selling, which resulting from production regulation policies.

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Source: Metals Market Index (MMi)