MMi Daily Iron Ore Index Report March 01 2023

DCE iron ore futures open lower and go higher, the main contract I2305 closed 908.5, an increase of 2.42% throughout the day. some traders were active to sell, but steel mills tended to be wait-and-see, and purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 905-915 yuan/mt; increased 10-12 yuan/mt over yesterday. PBF at Tangshan port dealt 922-930 yuan/mt; increased 15-25 yuan/mt over yesterday. The apparent demand for steel in recent years has been average, but the PMI data of China’s manufacturing industry in February released by the Bureau of Statistics today exceeded expectations, boosting market sentiment and driving up iron ore prices. In addition, the weather in Tangshan and Qinhuangdao of Hebei Province has improved, the sintering production restriction has ended, and the demand for iron ore has increased slightly, which may continue to support the strong and volatile operation of iron ore prices.

Source: Metals Market Index (MMi)