MMi Daily Iron Ore Index Report May 11 2022

DCE iron ore futures rose largely by 5.32% today. the main contract closed 821. the quotation in the morning was increased by 20-40 yuan/mt over yesterday. some traders were active to sell, Some steel mills tended to be wait-and-see. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 925-930 yuan/mt; increased 35-40 yuan/mt over yesterday. SSF at Shandong port dealt 718 yuan/mt; increased 30-40 yuan/mt over yesterday. PBF at Tangshan port dealt 920-930 yuan/mt; increased 30-40 yuan/mt over yesterday. After the first three days of continuous decline, today’s iron ore disk has rebounded, mainly by the epidemic improvement and macro data rise, boost market information. Superimposed iron ore spot cost is high, traders have a strong willingness to price, leading to a sharp rise in spot prices. At present, steel mills profit loss and downstream demand is weak, the initiative of procurement and production are weak, suppress the price of ore, is expected to run in the short term.

Source: Metals Market Index (MMi)