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MMi Daily Iron Ore Index Report March 29 2021

DCE iron ore futures performed relatively strong today, and the main contract I2105 rose by 4.56% all-day. The physical iron ore quotation also increased by 15-20 yuan/mt in the morning compared to last Friday, which resulting from the DCE iron ore futures performance. Transaction price of PBF in the morning was 1120 yuan/mt. With rising futures price, part of iron ore traders began to increase their quotation gradually and the bargain space also began to narrow. Transaction price of PBF in the afternoon was 1128-1135 yuan/mt, an increase of about 18-25 yuan/mt from last Friday. On the basis of BF overhaul data in China from SMM , pig iron production loss this week are expected to increase by 0.86 Mt to 5.82 Mt compared with last week. Also, with the limited production in Tangshan, iron ore demand still need several days to fully reco ver. However, according to some steel mills, the profit for domestic long -process steel mills almost have reached as high as 600 yuan/mt, adding the imported iron ore port inventory are gradually decreasing, which all support the iron ore price in the short period.

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Source: Metals Market Index (MMi)

 

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