MMi Daily Iron Ore Index Report May 24 2023

DCE iron ore futures market falling sharply trends, the main contract closed 682.5, an decrease of 4.61% throughout the day; Some traders refuse to sell due to significant losses. Some steel mills tended to buy low prices. total transactions remained insipid. PBF at Shandong port dealt 745-755 yuan/mt; decreased 20 yuan/mt over yesterday. SSF at Tangshan port dealt 640 yuan/mt; decreased 15 yuan/mt over yesterday. The demand for steel entered the slack season, and the apparent demand for building materials fell again. The market sentiment was poor, and the black series fell sharply, especially iron ore. Considering the support of high iron ore production, there is limited room for iron ore to fall, or it may mainly fluctuate and consolidate.

Source: Metals Market Index (MMi)