MMi Daily Iron Ore Index Report March 24 2022

DCE iron ore futures rose 1.3% in the day, the main contract closed 818.the quotation in the morning was increased by 10 yuan/mt over yesterday. some traders were active to sell, steel mills purchased on demand. total transactions is better. PBF at Shandong port dealt 950 yuan/mt; increased 5 yuan/mt over yesterday. SSF at Shandong port dealt 650 yuan/mt; increased 5 yuan/mt over yesterday. PBF at Caofeidian port dealt 965-970 yuan/mt; SSF at Caofeidian port dealt 670 yuan/mt; Although rebar spot end transaction margin improvement, drive iron ore disk up. However, due to the impact of COVID-19, most steel mills in northern China are in short supply of raw materials, resulting in excessive accumulation of steel mills. The number of blast furnaces continues to increase. Iron ore demand gradually decline, empty ore price is expected in the short term.

Source: Metals Market Index (MMi)