MMi Daily Iron Ore Index Report June 20 2022
DCE iron ore was opened fell by more than 8%, and the intraday limit fell twice in a row.The main contract closed 746,decreased of 10.98%. Traders are not very enthusiastic about shipments, steel mills are mainly on the sidelines, and there are few transactions in the market.PBF at Shandong port dealt 820-830 yuan/mt,decreased 60-80 yuan/mt compare with last week; SSF at Shandong port dealt710-720 yuan/mt, decreased 55-60 yuan/mt compare with last week. PBF at Tangshan port dealt 820-830yuan/mt, decreased 55-60 yuan/mt than last week.
Since last week, some steel mills have started to cut production on their own due to profit losses and poor sales of finished products. The number of blast furnace maintenance continued to increase this week, and iron ore demand continued to weaken. In addition, data from the Bureau of Meteorology shows that there will still be a large-scale rainfall process in the south in the near future, and the demand for steel will continue to weaken, which will dampen market confidence. It is expected that the mining price will continue to fluctuate weakly in the short term.
Source: Metals Market Index (MMi)