MMi Daily Iron Ore Index Report November 23 2020
Iron ore markets eased today as DCE iron ore futures market fell from a new recorded high early this morning. PBF traded at 880 and 885yuan/mt in Shandong and Tangshan markets respectively. According to SMM, downstream demand for steel products in the north-east, north-westand northern China has dropped sharply due to rainy and snowy weather. Prices for steel products are under increasing pressure. Considering the recent decline in iron ore arrivals and the inventory at ports, iron ore prices may remain relatively stronger than steel products prices, especially as mills remain enthusiastic bullish on pig iron production
Source: Metals Market Index (MMi)