MMi Daily Iron Ore Index Report June 01 2023

DCE iron ore futures rose by 5.77% today, the main contract closed at 743.The traders’ willingness to ship is general. The steel mills are not active to purchase. The overall trading sentiment of the market is general. PBF at Shandong port deal 805 yuan/mt,increase 30-40yuan/mt. PBF at Tangshan port deal 820 yuan/mt According to tinews, the manufacturing PMI of Caixin China rose to 50.9 in May, which restored market confidence. There is news of a Brazilian customs strike on the overseas supply side, and SMM believes that it will have litle impact on iron ore supply as it only affects the 1-day shipment volume. However, from the perspective of the industrial chain, it is gradually entering the off-season, and recently the demand for finished products has exceeded market expectations, leading to a change in the mindset of market participants. It is expected that ore prices will continue to fluctuate widely in the short term.

Source: Metals Market Index (MMi)