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MMi Daily Iron Ore Index Report May 24 2022

DCE iron ore futures market falling trends by 3.54%, the main contract closed 830.5. the quotation in the morning was decreased by 5-10 yuan/mt over yesterday. And decreased 20-30 yuan/ mt in the afternoon. part of the business quotation shipping mentality turn weak, steel mills purchased on demand, today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 935-940 yuan/mt; decreased 20-30 yuan/mt over yesterday. SSF at Shandong port dealt 750 yuan/mt; decreased 10 yuan/mt over yesterday. PBF at Tangshan port dealt 930 yuan/ mt; decreased 35 yuan/mt over yesterday. SMM tracking data shows that from May 16 to May 22, a total of 85 ships arrived at China’s main ports, the arrival volume is expected to be 12.92 million tons, the arrival volume increased by 2.05 million tons compared with the previous period, an increase of 739,000 tons compared with the same period last year. During this period, the outbound shipments from Australia remained unchanged month-on-month and increased by 760,000 tons compared with the same period last year. Brazil’s outbound shipments increased by 1.21 million tons to 6.93 million tons, down by 100,000 tons compared with the same period last year. The amount of imported ore to Hong Kong in this period increased substantially from the previous month, while the overall shipment from Australia and Brazil increased significantly. Australia’s shipping volume has been basically stable, and a small year-on-year increase, but Brazil’s shipping volume is still unstable, in the short term, the port volume is still on the rise, iron ore supply has not reached the peak. Iron ore fundamentals are little changed, but considering the macro news mixed with the impact of market sentiment, is expected to be a wide range of shocks in the short term.

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Source: Metals Market Index (MMi)


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