MMi Daily Iron Ore Index Report November 08 2023

DCE iron ore futures rose by 1.03 % today, the main contract closed at 935. The steel mills are not active to purchase. The overall trading sentiment of the market is less. PBF at Shandong port deal 963-965 yuan/mt. PBF at Tangshan port deal 985-990 yuan/mt.Today, the false news related to the rescue of real estate difficulties has once again affected market sentiment, leading to a resurgence of bullish confidence and a rapid increase in the end of the day. However, in the absence of new deterministic positive stimuli and loose fundamentals, it is expected that false news will be quickly digested. According to SMM’s statistics on blast furnace operation, due to internal adjustments, poor profits, and staggered production, the operating rate has significantly decreased this week. The strong mining price has led to a fear of high positions leaving the market. In the short term, it is necessary to pay attention to changes in the production of molten iron from steel mills and fluctuations in news. It is expected that the mining price will continue to operate mainly in a volatile manner.

Source: Metals Market Index (MMi)