MMi Daily Iron Ore Index Report March 07 2022

DCE iron ore futures market roseing sharply trends by 7.08%.the main contract closed 870. the quotation in the morning was increased by 50-60 yuan/ mt from last Friday. some traders quotation is still stronger; steel mills purchased on demand. Today the overall market transaction atmosphere is acceptable. PBF at Shandong port dealt 1000-1020 yuan/mt; increased 30-50 yuan/mt from last Friday. SSF at Shandong port dealt 650-660 yuan/mt, increased 25-35 yuan/mt from last Friday. PBF at Tangshan port dealt 1020-1030 yuan/mt, increased 40-50 yuan/mt from last Friday; SMM analysis, as the Russia-Ukraine conflict continued, global commodity prices rose sharply. It also raised concerns about iron ore supply and transportation, driving up prices for six consecutive days. In addition, iron ore demand is expected to increase as steel mills in northern China, which have been restricted due to environmental protection during the Winter Olympics, are expected to resume production after the Paralympics. However, considering the policy of supervision, there is some pressure on the rise space of iron ore, and in the short term, the rise of mine price may be narrowed.

Source: Metals Market Index (MMi)