MMi Daily Iron Ore Index Report March 08 2021

DCE iron ore futures rose early this morning, though the port stock market remains weak with PBF trading between 1150-1170yuan/mt. Customs published statistics that China imported 181.5 million mt of iron ore in the first two months of 2021, a YoY growth of 2.8%. Strong domestic demand driving the increase of iron ore imports. Along with the recovery of downstream sectors, steel prices still have room to rise up, which may prop up iron ore prices as well. Considering stricter production control for Tangshan in March, steel mill purchasing may slow down.

Source: Metals Market Index (MMi)