MMi Daily Iron Ore Index Report March 28 2023
DCE iron ore futures rose today, the main contract I2305 closed 882.5, an increase of 1.79% throughout the day. some traders were negative to sell, steel mills purchased on demand. Today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 897-900 yuan/mt; increased 10-15 yuan/mt over yesterday. PBF at Tangshan port dealt 912 yuan/mt; the increased 14 yuan/mt over yesterday. Currently, the fundamentals of iron ore are relatively healthy, with some support for ore prices. The price drivers of iron ore mainly come from the demand for steel and macro policies. Recently, there has been continuous overcast and rainy weather in East China and South China, and the demand for steel is relatively weak. The main contract of DCE was shitied to another month, resulting in a dilemma for iron ore prices, which maintained a volatile trend in the short term.
Source: Metals Market Index (MMi)