MMi Daily Iron Ore Index Report July 24 2024

DCE iron ore futures fall today by 3.43%. the main contract closed 775.5. some traders were negative to sell, Some steel mills tended to be wait-and-see, with a focus on purchasing at lower prices. PBF at Shandong port dealt 775-780 yuan/mt; increased 0-3 yuan/mt over yesterday. PBF at Tangshan port dealt 790-795 yuan/mt; the same as yesterday. On July 24th, SMM reported a blast furnace operaƟng rate of 93.61%, a decrease of 0.55% compared to the previous month. The utilization rate of blast furnace capacity was 95.52%, a decrease of 0.45% compared to the previous period. The average daily iron production of the sample steel plant was 2.2901 million tons, a decrease of 9400 tons compared to the previous period. Recently, the price of threaded steel has dropped significantly, causing severe losses for steel mills. Some steel mills plan to overhaul their blast furnaces in August, which may lead to a continued decline in iron production. However, considering the approaching end of the month, the market still has expectations for the Politburo meeting, and it is expected that iron ore prices may have a short-term chance of bottoming out and rebounding.

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Source: Metals Market Index (MMi)