MMi Daily Iron Ore Index Report November 09 2022

DCE iron ore futures rose by 2.62% today, the main contract closed 686. The traders’ willingness to ship is general.

The steel mills are purchase on demand. The overall trading sentiment of the market is general. PBF at Shandong port dealt 685-688 yuan/mt,increase 5-15 yuan/mt. PBF at Tangshan port dealt 699-700 yuan/mt. Macroscopically, CPI was released in October, up 2.1% year on year; PPI fell 1.3% year on year, and the previous value was 0.9% higher. The market mentality has been greatly affected by frequent news recently, and confidence has recovered. In terms of fundamentals, according to the SMM survey, the operating rate of the blast furnace in the SMM statistics on November 9 fell 1.04% month on month; The productivity utilization ratio of blast furnace decreased by 1.4% month on month; It is estimated that the average daily hot metal output in China is 2.5998 million tons, a decrease of 39700 tons month on month. On the whole, the accumulation of ports with strong supply and weak demand does not provide strong support for the exploration of ore prices, and the internal and external news doubts the strength and sustainability of the panel support. It is expected that the iron ore price will fluctuate in the short term.

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Source: Metals Market Index (MMi)