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MMi Daily Iron Ore Index Report May 15 2019

Some traders say they raised their quotes due to the foreign currency markets, especially with the current RMB devaluation, raising their costs. They also state that as mills are running pretty good profit margins, around 500-600yuan/mt, stoking rising production rats and stock replenishment, indicating that demand for iron ore remains strong. Falling iron ore arrivals along with destocking has reinforced belief that iron ore supply may be relatively tight moving forward, providing a floor on prices. According to SMM, iron ore inventory at the plant is at low levels, exciting the port stock market. This is balanced by the current relatively high prices, dampening buying enthusiasm.

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Source: Metals Market Index (MMi)

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