MMi Daily Iron Ore Index Report June 24 2022

DCE iron ore was was shocked all the day.The main contract closed at 736,increased of 0.96%. 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 805 yuan/mt,keep stable compare with yesterday. PBF at Tangshan port dealt 800 yuan/mt,increase 5yuan/mt; SSF at Tangshan port dealt 710 yuan/mt,. As of June 24, the inventory of 35 ports tracked by SMM totaled 121.35 million tons, a decrease of 640,000 tons from last week and a decrease of 2.34 million tons from the same period last year. The speed of destocking has narrowed significantly. The average daily port opening volume in this period decreased by 122,000 tons to 2,807,000 tons, mainly due to the off-season of the steel market. The maintenance volume of blast furnaces in steel mills continued to increase, and demand continued to be weak. Stimulated by the macro, steel consumption improved slightly, market sentiment was boosted, and mine prices stopped falling. It is necessary to pay attention to the continuation of this demand recovery, and it is expected that the mining price will continue to fluctuate in the short term.

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Source: Metals Market Index (MMi)