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MMi Daily Iron Ore Index Report October 11 2021

DCE iron ore futures rose largely today, main contract closed at 797.5, an increase of 6.48% throughout the day; the quotation in the morning was raised by 20yuan/mt from last Friday. some traders were more motivated to offer today, and the quotations have been gradually raised during the intraday trading. With the support of rigid demand, some steel mills are also more enthusiastic about inquiries and transactions. The overall transaction atmosphere of the port spot market is quite good today. PBF at Shandong port dealt 890-905 yuan/mt, up 15-35 yuan/mt from last week; PBF at Tangshan port dealt 910-920 yuan/ton, up 10-20 yuan/mt from last week; PBF at Jiangnei port dealt 915 yuan/mt. According to SMM research, some steel mills in Jiangsu province have resumed production in recent days after undergoing dual control of energy consumption in the early stage; their demand for raw materials such as iron ore has gradually recovered, and local traders quoted relatively strong. In addition, according to feedback from some traders, considering that the mainstream medium-grade fine inventory at ports has not seen an increase, and there are not many sources of goods on hand, which supports the spot market price.

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Source: Metals Market Index (MMi)

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