MMi Daily Iron Ore Index Report May 20 2024

DCE iron ore futures rose largely today, the main contract closed 894.5, an increase of 1.07% throughout the day; Today’s overall trading atmosphere is still relatively good, with the price of PB powder in Shandong region trading at 890-895 yuan/ton, an increase of 5-10 yuan/ton from last Friday. According to SMM shipping data, the global iron ore shipping volume is 31.12 million tons, an increase of 3.7% compared to the previous period. Among them, Australia shipped 17.37 million tons, a decrease of 6.7% compared to the previous period; Australia shipped 17.37 million tons to China, accounting for 90.5% of Australia’s total shipping volume, an increase of 1% compared to the previous period. Brazil shipped 6.21 million tons, an increase of 3.3% compared to the previous period; overall shipping is showing a slightly loose state. Currently, macro news is more positive, but considering the weak profitability of steel mills, the willingness to lower prices may be stronger, and it is expected that iron ore prices will remain volatile in the short term.

Source: Metals Market Index (MMi)