MMi Daily Iron Ore Index Report November 05 2021
DCE iron ore futures market falling trends, an decrease of 3.2% throughout the day; the quotation in the morning was decreased by 20-30 yuan/mt over yesterday. some traders were active to sell, Some steel mills purchased on demand, and purchasing enthusiasm is not high. today’s overall market transaction atmosphere is poor. SSf at Shandong port dealt 400 yuan/mt, PBF at Tangshan port dealt 665 yuan/mt. As of November 5, the iron ore inventories across the 35 Chinese ports tracked by SMM totalled 145.12 million mt, an increase of 2.29 million mt from the previous week and 19.02 million mt year-on-year. The daily average shipments from the 35 ports dropped 54,000 mt on a weekly basis to 2.75 million mt last week. Some steel mills in north China did not increase the purchases due to environmental protection-related controls, and port arrivals from overseas increased, further raising local port inventory. The sharp drop in imported ore prices also affected the purchasing sentiment of steel mills. However, the shipments from domestic ports are expected to pick up this week as Tangshan may loosen environmental protection-related controls on local steel mills and ports, depending on how the pollution improves, and as some steel mills in Shandong may resume production.
Source: Metals Market Index (MMi)