MMi Daily Iron Ore Index Report November 22 2023

DCE iron ore futures tight by 1.53%. The main contract I2401 rose to 995 in late trading and eventually closed at 993.5. The speculaƟve demand of traders has decreased; The fear of heights in steel mills has increased, and the overall wait-and-see sentiment in the market is relatively high, resulting in poor market transactions. PBF at Shandong port dealt 1003 yuan/mt; increased 5 yuan/mt over yesterday. PBF at Tangshan port dealt 1018 yuan/mt; increased 8 yuan/mt over yesterday. SMM’s latest blast furnace operating rate has increased by 0.15% to 90.78%. The production of molten iron from 190 sample steel mills increased by 0.02 million tons to 2.201 million tons compared to the previous month. Although demand has rebounded, there has been little change, and the fundamentals of iron ore are still stable. However, macro expectations are relatively warm, and steel mills’ profits are still acceptable. In the short term, ore prices may continue to fluctuate strongly.

Source: Metals Market Index (MMi)