MMi Daily Iron Ore Index Report June 22 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 709.5,decreased of 5.96%. 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 770-790 yuan/mt,decreased 40-60 yuan/mt than yesterday. Recently, the heavy rainfall in the south has led to the escalation of the flood control situation again, superimposed on the high temperature in many places in the north, the demand for steel has continued to shrink, the overall steel inventory is at a high level, and the market is pessimistic. In the follow-up, we need to wait and see if there is still a maintenance plan after the profit of the steel mill is repaired. It is expected that the mine price will continue to fluctuate weakly in the short term.

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Source: Metals Market Index (MMi)