MMi Daily Iron Ore Index Report July 25 2022
DCE iron ore was was shocked and keep upward all the day.The main contract closed at 711,increased of 7.08%. Traders are more motivated to ship, steel mills are mainly on the sidelines, and there are many transactions in the market.PBF at Shandong port dealt 712-722 yuan/ mt;increase 22-32 yuan/mt than last wee. PBF at Tangshan port dealt 700 yuan/mt,increase 25 yuan/mt than last week. According to SMM tracking data, a total of 84 ships arrived at China’s major ports from July 18 to July 24. The arrival volume is expected to be 12.41 million tons, an increase of 930000 tons over the previous period and 670000 tons over the same period last year. During this period, Australia’s departure increased by 420000 tons to 16.84 million tons month on month, while Brazil’s departure fell by 640000 tons to 6.42 million tons month on month. At present, the supply side is still relatively loose, and some steel mills may have plans to resume production, which will drive the demand for raw materials. In the future, we will pay attention to the continuity of the immediate profits of steel mills, and it is expected that the iron ore price will continue to fluctuate in the short term.
Source: Metals Market Index (MMi)