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MMi Daily Iron Ore Index Report May 13 2022

May 13th, 2022 CFR Qingdao, USD/dry tonne DCE iron ore futures open lower and go higher, an increase of 0.98% throughout the day. the main contract closed 823. the quotation in the morning was increased by 10 yuan/mt over yesterday. some traders were active to sell, steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 920-935 yuan/mt; increased 10 yuan/mt over yesterday. SSF at Shandong port dealt 705-715 yuan/mt; increased 10 yuan/mt over yesterday. PBF at Tangshan port dealt 910-925 yuan/mt; increased 10 yuan/mt over yesterday. Stocks at 35 ports tracked by SMM totaled 135.11 million tons as of May 13, down 3.2 million tons from the previous week and up 10.8 million tons from the same period last year, with the year-on- year decline continuing to narrow. At the same time, the daily port clearance volume of imported ore increased by 46,000 tons to 3.094 million tons per week. As the influence of hot metal from blast furnace overhaul gradually decreases, the port inventory is expected to continue to decline. But considering the current steel profit is poor, the enthusiasm for purchasing is not high, the price is expected to shock in the short term.

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Source: Metals Market Index (MMi)

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