MMi Daily Iron Ore Index Report June 02 2023

DCE iron ore futures rose by 2.9% today, the main contract closed at 745.5. 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 Tangshan port deal 825 yuan/ mt,increase 5 yuan/mt. Today, market sentiment continued to rise, and rumors of good real estate came again, which boosted the mentality to a certain extent. In the future, as the end of season surge of overseas mines approaches, the supply chain is relatively loose, while the supply and demand paƩern of low inventory operation in steel mills may be loose. Considering the recent collective surge in commodity prices and a shiti in market expectations, the news has given the market some confidence and boosted the trading atmosphere; However, from the perspective of the industrial chain, the profits of steel mills are still under pressure, and the sustainability of finished product demand is questionable. It is expected that ore prices will fluctuate widely.

Source: Metals Market Index (MMi)