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MMi Daily Iron Ore Index Report June 23 2022

DCE iron ore was was shocked and continued upward all the day.The main contract closed at 749.5,decreased of 2.46%. 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 770-800yuan/mt,increased 10 yuan/mt than yesterday. PBF at Tangshan port dealt 785-795 yuan/mt. Since last week, some steel mills have stopped production for maintenance, resulting in a decline in steel production. Today’s steel inventory data shows that steel demand has improved slightly, the pessimism of black series has eased, and iron ore prices have begun to rebound. However, according to SMM research, the blast furnace operating rate this week was 79.23%, down 2.11% from the previous week. And today there are still many steel mills reporting that they will be overhauled next week, and the demand for iron ore will continue to decline. The arrivals to ports will still increase next week, the decline rate of port inventories will continue to narrow, and the ore price will be under pressure to rise without sufficient motivation. It is expected that the iron ore price will fluctuate.

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Source: Metals Market Index (MMi)

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