MMi Daily Iron Ore Index Report October 26 2021
DCE iron ore futures continued to rise in a day, main contract closed 714.5. a increase of 3.03% throughout the day. The spot quotation in the morning almost kept steady. Some steel mills tend to buy due to suitable price while some traders were active to sell, with relatively stable price today. PBF at Shandong port dealt 850 yuan/mt, the same as yesterday; PBF at Tangshan port dealt 845-860 yuan/mt, decreased 0-10 yuan/mt over yesterday. PBF at Jiangnei port dealt 860 yuan/mt.According to data tracked by SMM, 92 ships arrived at domestic main ports from October 18-24. Arrivals of cargoes are estimated to stand at 14.06 million mt, up 1.92 million mt from the previous week and 0.98 million mt year on year.Shipments that departed Australian ports were estimated to decrease 1.34 million mt week on week to 17.65 million mt, up 3.02 million mt on the year; and that from Brazilian ports increased 0.47 million mt to 4.17 million mt on a weekly basis, down 3.55 million mt on the year.The total arrivals of imported iron ore increased from the previous session, but the combined departures from Australia and Brazil fell slightly. The market has been boosted to some extent as the power rationing policy relaxed in some areas. However, the production in north China is further restricted due to the environmental protection requirements. Meanwhile, the port inventory has been on the rise amid more arrivals, constraining the upside momentum of ore prices. Therefore, the prices are likely to stay congested in the short term.
Source: Metals Market Index (MMi)