MMi Daily Iron Ore Index Report November 07 2022

DCE iron ore futures rose by 2.08% today, the main contract closed 661.5. The traders’ willingness to ship is general .The steel mills are purchase on trading sentiment of the market is general. PBF at Shandong port dealt 663-673 yuan/mt,increase3-18yuan/ mt. PBF at Tangshan port dealt 679 yuan/mt, increase 9 yuan/mt. On the supply side, from October 31 to November 4, SMM’s global iron ore shipments totaled 31.43 million tons, a month on month decrease of 0.7%. Australia’s shipment volume remained stable, while Brazil’s shipment volume increased last week and then decreased significantly this week. The total arrival of iron ore in China is 24.5 million tons, which is relatively stable in this period. The purchasing enthusiasm of steel mills on the demand side has declined. Although the immediate profits of steel mills have improved, they are still in a loss state. This week, the scale of steel mills in some regions may continue to expand. At present, we need to pay attention to the macro news and the repair of steel plant profits. It is expected that the iron ore price will be weak and fluctuate in the short term.

Source: Metals Market Index (MMi)