MMi Daily Iron Ore Index Report November 02 2023

DCE iron ore futures rose largely today, breaking through recent highs again. the main contract I2401 closed 926.5. an increase of 1.59% throughout the day. some traders quotation is still stronger; Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 960-965yuan/mt; decreased 0-3 yuan/mt over yesterday. PBF at Tangshan port dealt 980 yuan/mt; increased 5 yuan/ mt over yesterday. Today’s inventory data of steels shows that they are sƟll in a significant state of destocking, and the apparent demand continues to improve, indicating strong resilience in terminal demand. Boost market sentiment. Moreover, iron ore inventory is low, demand is high, and fundamentals are relatively healthy, driving ore prices to continue to rise. It is expected that in the short term, without policy interference, it will still be in a state of easy to rise but difficult to fall.

Source: Metals Market Index (MMi)