MMi Daily Iron Ore Index Report July 17 2024

DCE iron ore futures cotinued in the morning,v and droped in the afternoon. the main contract closed 805. an decrease of 2.66% throughout the day; Some traders are unable to sell their products due to market closures. Some steel mills purchased on demand, and the purchasing enthusiasm has slightly increased . PBF at Shandong port dealt 805-825 yuan/mt; decreased 10-20 yuan/mt over yesterday. PBF at Tangshan port dealt 825-840 yuan/mt; decreased 5-20 yuan/mt over yesterday. On July 17th, SMM reported a blast furnace operating rate of 94.16%, a decrease of 0.2% compared to the previous month. The utilization rate of blast furnace capacity was 95.97%, a decrease of 0.41% compared to the previous period. The average daily iron production of the sample steel plant was 2.2995 million tons, a decrease of 0.5 million tons compared to the previous period. The demand for iron ore continues to weaken. In addition, there has been another decline in terminal data during the off-season; During the important meetings, there were no positive policies announced, and the market sentiment was relatively pessimisti. The price of iron ore has experienced a significant decline.

Source: Metals Market Index (MMi)