MMi Daily Iron Ore Index Report March 21 2023

DCE iron ore futures fall today, the main contract I2305 closed 879. an decrease of 2.22% throughout the day; part of the business quotation shipping mentality turn weak. steel mills purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 897-906 yuan/mt; decreased 3-10 yuan/mt over yesterday. PBF at Tangshan port dealt 915 yuan/mt; the decreased 2 yuan/mt over yesterday Today, there is another news in the market that crude steel will reduce producƟon, and the pessimism has increased. Coupled with the impact of the Federal Reserve’s interest rate hike and external macro factors, the iron ore market has been weak today. Considering the current high level of molten iron production as a support for ore prices, it is expected that the short-term downward space for iron ore prices is limited.

Source: Metals Market Index (MMi)