MMi Daily Iron Ore Index Report June 17 2022

DCE iron ore was shocked and continued downward all the day.The main contract closed 821.5,decreased of 5.90%. 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 890-910 yuan/mt,decreased 20-40 yuan/mt compare with yesterday ; SSF at Shandong port dealt 775-780 yuan/mt, decreased 10-15 yuan/mt compare with yesterday. PBF at Tangshan port dealt 900-915 yuan/mt, decreased20-35yuan/mt than yesterday. The inventory of 35 ports in SMM statistics continued to be destocked, but the decline in inventory narrowed significantly. In addition, it is in the off -season of steel demand, the demand for finished products has weakened significantly, the pressure on steel mills’ inventory and profit losses have not eased, and steel mills have frequent maintenance plans. With the increase of overseas impulses to Hong Kong next week, short-term demand is difficult to pick up, and iron ore prices are expected to fluctuate weakly next week.

Source: Metals Market Index (MMi)