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MMi Daily Iron Ore Index Report May 10 2022

DCE iron ore futures market falling trends by 4.12%, the main contract closed 779, the quotation in the morning was decreased by 20 yuan/mt over yesterday. part of the business quotation shipping mentality turn weak,Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. total transactions is poor PBF at Shandong port dealt 890-895 yuan/mt; decreased 20-25 yuan/mt over yesterday. SSF at Shandong port dealt 670-680 yuan/mt; decreased 35-40 yuan/mt over yesterday. PBF at Tangshan port dealt 890 yuan/mt; decreased 30 yuan/mt over yesterday. SMM tracking data show that a total of 76 ships arrived at China’s major ports from May 2 to May 8, and the arrival volume is expected to be 11.81 million tons, an increase of 580000 tons over the previous period and 60000 tons over the same period last year. During this period, Australia’s departure increased by 340000 tons to 1.92 million tons month on month, an increase of 1.04 million tons over the same period last year; Brazil’s departure from the port decreased by 890000 tons to 6.23 million tons, an increase of 620000 tons over the same period last year. The inbound volume of imported ore in this period increased slightly month on month, and the overall shipment of Australia and Brazil decreased slightly. At present, the overseas shipment volume is still in the recovery growth period, and China’s inbound volume will continue to grow in the later stage. The inflection point of domestic epidemic prevention and control is difficult to appear, superimposed with the disturbance of macro factors, and the market pessimism is strong. Under the condition of profit loss of steel mills, the demand for iron ore procurement is weak. It is expected that the ore price will continue to fluctuate widely in the short term.

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Source: Metals Market Index (MMi)

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