MMi Daily Iron Ore Index Report May 23 2023

DCE iron ore futures market falling trends, the main contract I2309 closed 707, an decrease of 2.95% throughout the day; some traders were negative to sell, steel mills purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 770-775 yuan/mt; decreased 5-10 yuan/mt over yesterday. PBF at Tangshan port dealt 800 yuan/mt; decreased 5-15 yuan/mt over yesterday. SSF at Tangshan port dealt 660 yuan/mt; decreased 10 yuan/mt over yesterday. Today on the Tangshan city in June will be a crude steel flat control rumors again, triggered the market for iron ore demand reduction concerns, superimposed recent iron ore supply growth, today DCE iron ore again sharply down 21.5 points. But steel mills inventory low, traders for steel mills replenishment still have expectations, spot prices have a certain support. However, terminal demand into the off-season, superimposed steel mill profit is still poor, suppress iron ore demand, short-term ore prices or continuation of weak shock operation.

Source: Metals Market Index (MMi)