MMi Daily Iron Ore Index Report May 25 2023

DCE iron ore futures fall today by 2.23%. the main contract I2309 closed 681. Traders have strong willingness to support prices; Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. PBF at Shandong port dealt 745-755 yuan/mt; the same as yesterday. Today, the steel inventory has narrowed due to destocking, and the apparent demand has once again decreased; but the supply of steel is stll increasing, continuing the pessimistic sentiment in the market. The market fell again. However, the raw material side continues to concede profits, while the steel mills’ profits remain unchanged, and their willingness to reduce production independently is weak. Iron ore demand still has support, with iron ore facing a dilemma of up and down, with short-term or low volatility being the main focus.

Source: Metals Market Index (MMi)