Home / Commodities / Chinese iron ore and steelmaking prices / MMi Daily Iron Ore Index Report November 23 2021

MMi Daily Iron Ore Index Report November 23 2021

DCE iron ore futures rose largely today,an increase of 7.81% throughout the day. The highest price is 598.5, Most traders do not quote prices in the morning,but afternoon the quotation increased compared with yesterday 50-70 yuan/ mt. The enthusiasm of steels works has increased.Today’s overall market transaction atmosphere is good. PBF at Shandong port dealt 650-660 yuan/mt,increased 55-70 yuan/mt over yesterday. PBF at Tangshan port dealt 630-650 yuan/mt, increased 45-55 yuan/mt over yesterday.According to data tracked by SMM, 79 ships arrived at domestic main ports in November 15-21. Arrivals of cargoes are estimated to stand at 11.83 million mt, down 0.27 million mt from the previous week and down 2.69 million mt year on year.Shipments that departed Australian ports were estimated to increase 2.59 million mt week on week to 18.89 million mt, up 3.82 million mt on the year. And that from Brazilian ports increased 0.79 million mt to 5.18 million mt on a weekly basis, down 1.82 million mt on the year. The total arrivals of imported ore dropped slightly again from the prior week, while the combined shipments from Australia and Brazil rose as a whole.Recently, the market has heightened their estimate regarding steel mills’ resuming production due to positive news from the downstream real estate sector, on the combination of the early completion of crude steel output control target by some mills. The intraday most-trade iron ore contract has surged by more than 9% as the time of this writing. On the other hand, however, coke prices have been falling for seven consecutive rounds, and the ore prices are also at a low level, restoring part of the steel mills’ profits. Hence, ore prices will gain some support in the short term.

Download PDF

Source: Metals Market Index (MMi)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping