MMi Daily Iron Ore Index Report July 31 2024

DCE iron ore futures continued to fluctuate in a day，the main contract closed 749，an increase of 0.07% throughout the day. Traders are shipping with general sentiment; steel mills are cautious and still focus on need-based procurement. The overall market transaction atmos- phere is moderate today. In Shandong, the transaction price of PB powder is 765-770 yuan/ton, an increase of 5-10 yuan/ton compared to yesterday; in Tangshan, the transaction price of PB powder is 780-785 yuan/ton, an increase of 5-10 yuan/ton compared to yesterday. According to SMM research, on July 31, the blast furnace operating rate was 92.91%, a decrease of 0.7% compared to the previous month. The blast furnace capacity utilization rate was 94.94%, a decrease of 0.58% compared to the previous month. The average daily pig iron production of sample steel mills is 2.283 million tons, a decrease of 0.71 million tons compared to the previous month. The current pig iron production shows a downward trend, weakening support for iron ore prices. It is expected that iron ore prices will show weak and stable fluctuations in the short term.

Source: Metals Market Index (MMi)