MMi Daily Iron Ore Index Report November 15 2023

DCE iron ore futures rose by 0.99 % today, the main contract closed at 971.5. The steel mills are not active to purchase. The overall trading sentiment of the market is general. PBF at Shandong port deal 985-1002 yuan/mt, PBF at Tangshan port deal 1000-1005 yuan/ mt. The market sentiment was driven by factors such as the US China meeting, US CPI, and PPI data before yesterday’s trading. Today, with confidence cooling and guidance news from the market, market sentiment has returned to some extent. According to SMM’s tracking of blast furnace production in steel mills, the operating rate, capacity utilization rate, and sample steel mills’ molten iron production have all rebounded this week, and there may be an increase in rigid demand for iron ore. On the macro level, there is a easing of political relations to support the boƩom line, and the extent of the harbor or accumulated reserves is not significant. The basis is gradually being repaired. Currently, it is necessary to pay attention to the next shift in market news, and short-term mining prices will fluctuate in a narrow range.

Source: Metals Market Index (MMi)