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MMi Daily Iron Ore Index Report November 21 2023

DCE iron ore futures continued to fluctuate in a day by 1.93%, the main contract I2401 closed 978.5. some traders quotation is still stronger . Some steel mills tended to be wait-and-see, and purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 998 yuan/mt; increased 7 yuan/mt over yesterday. PBF at Tangshan port dealt 1008-1010 yuan/mt; increased 10 yuan/mt over yesterday. Recently, environmental protection production restrictions have boosted steel prices. Although there has been some suppression of demand for iron ore, the contradiction between iron ore itself is relatively small; The combination of macroeconomic policy expectations is good, and market sentiment is high. Iron ore futures prices followed suit. Considering the increasing regulatory pressure on policies, most participants are cautious and expect iron ore to continue its volatile trend in the short term.

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Source: Metals Market Index (MMi)

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