MMi Daily Iron Ore Index Report May 18 2023

DCE iron ore futures rose by 1.91% today, the main contract closed at 746.5.The traders’ willingness to ship is general.The steel mills are not active to purchase.The overall trading sentiment of the market is general. PBF at Shandong port deal 800 -805 yuan/mt. The market sentiment was good today, and they all had optimistic expectations for domestic stimulus policies, and iron ore prices were strong and volatile. Fundamentally speaking, some blast furnaces at Shanxi Steel Plant have resumed production, and the operating rate and capacity utilization rate of blast furnaces have slightly increased thisweek. The demand for iron ore may increase slightly. In addition, iron ore inventory at China’s top ten ports decreased slightly this week, and the market has been more active in dredging ports. However, the industrial chain is sitll relatively weak and cannot support a significant increase in mining prices in the short term.

Source: Metals Market Index (MMi)