MMi Daily Iron Ore Index Report November 22 2022

DCE iron ore futures rose by 1.96 % today, the main contract closed 725. The traders’ willingness to ship is less .The steel mills are purchase on demand. The overall trading sentiment of the market is less. PBF at Shandong port dealt 725-733 yuan/mt,decrease 2-10 yuan/mt; PBF at Tangshan port dealt 738-745 yuan/mt,derease 5 yuan/mt; SSF at Tangshan port dealt 615 yuan/mt. Affected by the national epidemic situation, the downstream construction was affected, causing market panic, and the futures market continued to decline. According to SMM statistics, the impact of blast furnace maintenance this week on molten iron is 202.77 tons, 31400 tons less than that of last week. The blast furnaces in some areas have resumed production in succession, and the daily average hot metal output is expected to increase slightly in the later period. In terms of supply, the fourth quarter was still the peak of overseas shipment. Last week, Western Australia Mining Company was more active and rented a large number of ships in the spot market. On the whole, short-term iron ore prices may be subject to a correction.

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Source: Metals Market Index (MMi)