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MMi Daily Iron Ore Index Report May 05 2022

DCE iron ore futures market rose by 1.87% today, the main contract 2209 closed 871.5. The spot quotation in the morning almost kept steady. some traders were active to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions remained insipid. PBF at Shandong port dealt 970-985 yuan/mt; increased 5-10 yuan/mt from last Friday. SSF at Shandong port dealt 755-760 yuan/mt; increased 15 yuan/mt from last Friday. PBF at Tangshan port dealt 978-982 yuan/mt; increased 5 yuan/mt from last Friday. SSF at Shandong port dealt 755 yuan/mt; the same as last Friday. At present, although the whole area of Tangshan area unseal, but logistics transport is still limited. Superimposed on the resurgence of the COVID-19 epidemic in northeast China, some small steel mills choose to reduce production of stuffy furnace. Overall, iron ore demand increment is more limited, but considering the end of the May Day holiday, steel stock replenishment expectations; Superimposed financial meeting to boost the market, is expected to continue strong shocks in the short term.

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Source: Metals Market Index (MMi)

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