MMi Daily Iron Ore Index Report November 03 2021

DCE iron ore futures continued to drop today, the main contract closed 589.5.an decrease of 0.42% throughout the day; The spot quotation in the morning almost kept steady.and Some traders were not for sell, wait-and-see sentiment increased; Some steel mills purchasing enthusiasm is not high. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 695-710 yuan/mt,increased 5-20 yuan/mt over yesterday; PBF at Jiangnei port dealt 710 yuan/mt,；SSF at Tangshan port dealt 400-405 yuan/mt；SMM analysis, the port inventory of imported ore has exceeded 145 million mt, supply pressure is large. On the other hand, the environmental protection policy in northern China is further tightened, and the demand for iron ore is expected to decrease continuously. In this situation, the price of iron ore will not have a big chance to rebound.

Source: Metals Market Index (MMi)