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MMi Daily Iron Ore Index Report June 16 2022

DCE iron ore was shocked and continued downward all the day.The main contract closed 867.5,decreased of 2.47%. Traders are generally enthusiastic about selling, steel mills are mainly keep take and see attitude, and the market transaction atmosphere is positive. PBF at Shandong port dealt 930 yuan/mt,decreased 10 yuan/mt compare with yesterday ; SSF at Shandong port dealt 785-788 yuan/mt. PBF at Tangshan port dealt 935 yuan/mt, decreased 5-25 yuan/mt than yesterday;SSF at Tangshan port dealt 798 yuan/mt,. According to SMM statistics, the operating rate of blast furnace in this period decreased by 0.66% to 81.34% weekly, mainly due to the increase of coke price and the decline of finished product price, and the steel plant suffered another loss. Recently, seasonal weather, holidays and other factors have led to poor short-term market demand and serious market pessimism. Some steel mills have reduced production to ease the pressure on inventory and profits. On the other hand, the spot price fluctuates violently, the traders lose profits and have less trade resources. Overall, iron ore prices are expected to be weak and volatile this week.

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Source: Metals Market Index (MMi)

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