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MMi Daily Iron Ore Index Report May 13 2019

A more downbeat trading today with most physical iron ore port stock quotes though some traders found buying appetite amongst a few mills. According to SMM, the recent demand for pellet has boosted the 63% and 65% pellet premiums, bouncing from their respective bottom of 20.6 and 26.6 USD/mt in Mid-April 2019. Lump’s high premiums as well as the wide price spread between PB lump and PB fines has boosted pellet demand. The coke price has risen by 200yuan.mt from late April, stimulating changes in the furnace charge ratio. Some mills have increased their recent pellet ratio by almost 1% compared with that in early April while their lump ratio have been reduced by more than 1% during the same period. However, the relatively high pellet inventory at ports, as well as the higher cost performance of domestic concentrates/pellet prices, may put some pressure on imported pellet prices in the near future

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Source: Metals Market Index (MMi)

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