MMi Daily Iron Ore Index Report October 19 2023

DCE iron ore futures open lower and go higher, the main contract I2401 closed 871.5, an increase of 0.4% throughout the day. some traders were active to sell, Steel mills have increased their willingness to purchase, purchased on demand. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 935-940 yuan/mt; increased 0-6 yuan/mt over yesterday. PBF at Shandong port dealt 957-960 yuan/mt; the same as yesterday. From the SMM steel data, it can be seen that after the impact of factors such as typhoons, the apparent demand for building materials has significantly increased. At the same time, the conflict between Palestine and Israel has stimulated the export of some terminal varieties, which has also led to a slight increase in demand for board products and improved market confidence. In addition, recent shipments from steel mills are still acceptable, the maintenance plan for blast furnaces has stagnated, the production of molten iron remains high, and ore prices are supported, making it difficult to make significant changes in the short term.

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Source: Metals Market Index (MMi)