MMi Daily Iron Ore Index Report October 13 2021
DCE iron ore futures market dropped further and I2201 slumped by 5.92% over yesterday. Quotations in the physical port stock market declined by 10-20yuan/mt, and total transactions continued to be deserted. Some traders held their quotations relatively firm, while the bargaining space expanded. PBF was concluded at 885-890yuan/mt in Shandong market and at 900yuan/mt in Tangshan market, with price drop of 5-20yuan/mt. Some mills’ post-holiday procurements dropped down gradually. Besides, the Ministry of Industry and Information Technology and the Department of Ecology and Environment released notices that the steel industry in Beijing, Tianjin and Hebei and surrounding areas (” 2+26 cities “) will be implemented production restriction in two stages (2021-11-15 to 2021-12-31; 2022-1-1 to 2022-3- 15) , aiming to ensure that local crude steel production reduction targets are fulfilled. Iron ore market may vibrate vulnerably when the expectations of weaker demand have strengthened.
Source: Metals Market Index (MMi)