MMi Daily Iron Ore Index Report November 25 2022

DCE iron ore futures rose by 3.27% today, the main contract closed 758. 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 732 yuan/mt.PBF at Tangshan port dealt 745yuan/ mt,increase 4 yuan/mt. As of November 25, the inventory of 35 ports tracked by SMM totaled 131.54 million tons, 1.34 million tons more than last week, 18.87 million tons less than the same period last year. The port inventory has been accumulated for five consecutive periods. The average daily port dredging volume of imported ore in this period decreased by 76000 tons to 2716000 tons on a weekly basis. This week, the optimism of the market is still warm. Although the profits of the steel plant have been restored compared with the previous period, they are still in a loss state. The transportation is affected by epidemic factors this week, so the port evacuation mood is not high. Considering that the supply is loose and difficult to change next week, the demand will still be affected by environmental protection and production restriction. The current molten iron output has not seen a bottom, and it is expected that the port inventory will continue to accumulate next week.

Source: Metals Market Index (MMi)