MMi Daily Iron Ore Index Report November 11 2022

DCE iron ore futures rose by 4.91% today, the main contract closed 662.5. The traders’ willingness to ship is more. The steel mills are purchase on demand. The overall trading sentiment of the market is more. PBF at Shandong port dealt 665-680 yuan/mt,increase 5-25yuan/mt. PBF at Tangshan port dealt 665-680 yuan/mt, increase5-25 yuan/mt. As of November 4, the inventory of 35 ports tracked by SMM totaled 128.73 million tons, 2.56 million tons more than last week, 17.39 million tons less than the same period last year. The average daily port dredging volume of imported ore in this period decreased by 202,000 tons to 2.765 million tons on a weekly basis. The port inventory accumulation in this period is mainly due to the substantial increase in overseas shipment volume this week, and part of the increase in arrival is due to the concentration of sea drift goods in the port. In addition, the economic recession and the European energy crisis have weakened the demand for iron ore in other overseas countries, and the shipment direction of overseas mines has shifted to China. However, the sharp drop in port dredging volume is affected by the drop in hot metal production for blast furnace maintenance, and it is difficult for iron ore.

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Source: Metals Market Index (MMi)