MMi Daily Iron Ore Index Report July 18 2022

DCE iron ore futures open lower and go higher, an increase of 2.18% throughout the day. the main contract closed 679. the quotation in the morning was increased by 10-20 yuan/mt from last week. some traders were active to sell, steel mills purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 700 yuan/mt; increased 20 yuan/mt from last week. PBF at Tangshan port dealt 708 yuan/mt; decreased 2 yuan/mt from last week. SMM tracking data shows that from July 11 to July 17, a total of 78 ships arrived at China’s major ports, the arrival cargo volume is estimated to be 11.66 million tons, the arrival volume is 150,000 tons less than the previous period, 670,000 tons more than the same period last year. During this period, The outbound shipments from Australia increased by 380,000 tons to 16.42 million tons, down by 1.15 million tons compared with the same period last year. Brazil’s outbound shipments increased by 980,000 tons to 7.06 million tons, down by 460,000 tons compared with the same period last year. This period to port by the impact of early shipment has a small drop, give a certain support to the mine price. In addition, the early pessimism and panic in the release of last week, today to ease, but SMM

Source: Metals Market Index (MMi)