MMi Daily Iron Ore Index Report May 15 2023
DCE iron ore futures rose by 4.17 % today, the main contract closed at 725.The traders’ willingness to ship is general. The steel mills are not active to purchase. The overall trading sentiment of the market is less. PBF at Shandong port deal 785- 790 yuan/mt. SSF at Shandong port deal 655 yuan/mt,increase 5yuan/mt.PBF at Tangshan port deal 825-835 yuan/mt. The macro news within the day was lackluster, and there is currently no fresh stimulus in the black industry chain. However, the fundamental support for iron ore was stronger than last week, and the arrival volume of China’s main ports with SMM caliber decreased by about 14.5%. However, due to the need for some steel mills to resume production of iron ore, there has been a repair. Market participants still have some expectations for the news, but considering the average terminal demand, it is expected that iron ore prices will continue to fluctuate weakly in the short term.
Source: Metals Market Index (MMi)