MMi Daily Iron Ore Index Report November 06 2023

DCE iron ore futures declined by 0.05 % today, the main contract closed at 925. The steel mills are not active to purchase. The overall trading sentiment of the market is less. According to the shipping data tracked by SMM, both overseas shipments and domestic arrivals have increased this week. Due to the cooler weather, the unloading efficiency of ports has accelerated, and the arrival volume has increased by 37% month on month to 25.39 million tons. Considering factors such as steel mill losses, it is expected that the actual number of blast furnace maintenance will still increase in November. There is still a possibility of a significant decline in the production of molten iron, with some loosening of fundamental support. The positive macro sentiment in the early stage continues to digest, and iron ore prices may return to fundamental logic. Considering the acceptable demand for finished products in the industrial chain and limiting the decline in iron ore prices, it is expected that ore prices will mainly fluctuate in the short term.

Source: Metals Market Index (MMi)