MMi Daily Iron Ore Index Report July 15 2024

DCE iron ore futures rose largely today, the main contract closed 834. an increase of 1.03% throughout the day; some traders according to market conditions. Steel mills mainly adopt a wait-and-see approach, with fewer inquiries. total transactions remained insipid. PBF at Shandong port dealt 825- 835 yuan/mt; increased 5-10 yuan/mt from last Friday. PBF at Tangshan port dealt 840-845 yuan/mt; increased 0-5 yuan/mt from last Friday. Last week, SMM shipped a total of 28.01 million tons of iron ore globally, a decrease of 18.4% compared to the previous week. Among them, Australia shipped 15.45 million tons, a significant decrease of 21.1% compared to the previous period; Brazil shipped 7.29 million tons, a decrease of 8.9% compared to the previous period; After the end of season rush, coupled with the decline in mineral prices, some mines have reduced their shipments. Due to the impact of fires and mine maintenance, global shipping volume has declined. Supporting the formation of mineral prices. But in late June, the shipment volume was high, and the arrival volume of iron ore at the port increased by 11.33% month on month. The overall supply remains loose. During important meetings, market news may cause emoƟonal disturbances, and it is expected that mining prices will fluctuate frequently this week.

Download PDF

Source: Metals Market Index (MMi)