MMi Daily Iron Ore Index Report May 16 2023

DCE iron ore futures rose by 1.12 % today, the main contract closed at 723.5.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 790 yuan/mt.PBF at Tangshan port deal 817-820 yuan/mt. Recently, the Bureau of Statistics released real estate data and believed that the overall real estate market is in a period of adjustment. The real estate market is expected to gradually stabilize in the next stage, and the mentality of the iron ore market has fluctuated slightly. According to SMM statistics, due to the decision of some steel mills to resume production of blast furnaces due to profit restoration, the impact of blast furnace maintenance this week has decreased by 64700 tons compared to last week’s impact, and it is expected that the impact of blast furnace maintenance next week will decrease again. The demand for iron ore will improve, with some support for short-term ore prices. However, considering that mid-term terminal demand may still be weak and overseas shipments will recover, there is still room below the mid to long-term ore prices.

Source: Metals Market Index (MMi)