MMi Daily Iron Ore Index Report June 07 2023
DCE iron ore futures market volatility. the main contract closed 770. Traders have strong willingness to support prices. steel mills purchased on demand. Market wait-and-see sentiment increased, total transactions is poor. PBF at Shandong port dealt 815-828 yuan/mt; decreased 2-10 yuan/mt over yesterday. Today’s iron ore import data was released, indicating that the import volume of iron ore in May was 96.18 million tons, an increase of 6.3% month on month and 4% year on year; Mainly due to the weakening of seasonal factors affecting overseas shipments, the volume of shipments has increased. According to SMM shipping tracking data, there was a significant increase in Brazilian shipments from April to May, while Australian mines fluctuated slightly. However, the number of days in June was less than one day. At the same time, considering seasonal factors in historical data, SMM predicts that the arrival of iron ore at ports in June may decrease slightly. There is not much supply pressure. Considering that tomorrow’s steel inventory and apparent demand may perform well, it is expected that mining prices may sƟll fluctuate strongly tomorrow.
Source: Metals Market Index (MMi)