MMi Daily Iron Ore Index Report October 05 2021

DCE iron ore futures continued to rise largely today, main contract has increased to around 5.4%; the spot quotation has increased by around 20yuan/mt over yesterday. Few steel mills continued to buy today on their demand, the last day before National Day Holiday, overall market deal atmosphere was quite less. PBF at Shandong port dealt 845yuan/mt, up 20-25yuan/ mt over yesterday. Recently, some hold the opinion that energy consumption control still focus on EAF rather than BFs, and simulated by raw materials replenishment before and after National Day Holiday, iron ore has a space to increase recently. But, considering some steels plan to overhaul or close their BFs until the end of December this year to meet the requirement of crude steel production restrictions. The actual production restriction still should pay more attention after National Day Holiday.

Source: Metals Market Index (MMi)