MMi Daily Iron Ore Index Report June 30 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 791,increased of 2.22%. Traders aregenerally motivated to ship, steel mills are mainly on the sidelines, and there are few transactions in the market.PBF at Shandong port dealt 855 yuan/ mt,decrease 13-20 yuan/mt compare with yesterday. SSF at Shandong port dealt 725 yuan/mt,keep stable compare with yesterday. PBF at Tangshan port dealt 859-875 yuan/mt,decrease 15 yuan/mt. According to the announcement of the National Bureau of statistics, the PMI data in June 2022 recovered to 50.2%, and the PMI of manufacturing and non manufacturing industries turned into the expansion range, and the economic prosperity improved. From a fundamental point of view, the number of blast furnace maintenance continues to increase this week, and there are still steel mills with maintenance plans in the short term, and the demand is still weak in the short term. With the gradual digestion of macro positive, iron ore price support is not strong, and it is expected that the ore price will be weak and volatile in the short term.

Source: Metals Market Index (MMi)