MMi Daily Iron Ore Index Report June 05 2023

DCE iron ore futures rose today by 2.15%.the main contract I2309 closed 759. some traders were active to sell, steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 810-815 yuan/mt; increased 10 yuan/mt from last Friday.PBF at Tangshan port dealt 835 yuan/mt; increased 10 yuan/mt from last Friday. SSF at Tangshan port dealt 695 yuan/mt; increased 10 yuan/mt from last Friday. According to SMM shipping data, the global shipment volume last week was 33.76 million tons, an increase of 11.9% month on month. Among them, Australia’s freight volume increased by 18.7%, while Brazil’s freight volume decreased by 1.2%. The total amount of iron ore arriving at the port was 2.346 million tons, a slight decrease of 2.16% compared to last week. The overall supply will continue to increase in the future. But over the weekend, Tangshan and Qinhuangdao issued environmental production restrictions, with sintering machines from major steel mills limiting production by 30-50%. The demand for iron ore has declined in the short term. The strong expectations of the market for macroeconomic policies have formed support for mineral prices, and short-term mineral prices are still in a dilemma of fluctuating operation.

Source: Metals Market Index (MMi)