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MMi Daily Iron Ore Index Report May 09 2019

Traders were active in the port stock market today and some a willingness to cut their offers to close a deal as mills, with increasing seaborne arrivals, see they are slowly being spoilt for choice. In East China, mills prefer to purchase when needed as they don’t expect further production restriction. However, in North China, some mills are afraid of the uncertainty of production cuts in May, thus their current low inventory levels at the plant. According to SMM, recent trades of Mac Fines, Jimblebar Fines and Newman Fines have shown better price relativities. The price spread between Newman Fines and PB Fines has grown, while that for PB fines and Mac Fines/Jimblebar Fines has shrunk.

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Source: Metals Market Index (MMi)

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