MMi Daily Iron Ore Index Report March 24 2023
DCE iron ore futures rose by 0.29today, the main contract closed at 866.5.The traders’ willingness to ship is less.The steel mills are less active to purchase.The overall trading sentiment of the market is negative.PBF at Shandong port deal 865-881 yuan/mt, PBF at Tangshan port deal 895 yuan/mt,decrease 10 yuan/mt. Affected by the aŌernoon market downturn, the sentiment in the iron ore spot market is relatively pessimistic and continues to consume the sentiment of finished product demand data. Fundamentally, as of March 24, the inventory of 35 ports tracked by SMM totaled 132.5 million tons, down 620000 tons from last week and 14.9 million tons from the same period last year. As of now, the inventory of 35 ports has decreased for four consecutive periods. The daily average port dredging volume of imported mines in this period increased by 6000 tons to 2.914 million tons on a weekly basis. In the future, the rising space of molten iron in the blast furnace continues to narrow. The impact of overseas weather is gradually fading, and the supply and demand gap in the iron ore market may gradually expand. Overall, the current industrial chain has not fully formed a negative feedback logic, and in the short term, iron ore prices are still.
Source: Metals Market Index (MMi)