MMi Daily Iron Ore Index Report September 01 2023

DCE iron ore futures rose by 0.48% today, the main contract closed at 845.5.The traders’ willingness to ship is high.The steel mills are active to purchase. The overall trading sentiment of the market is more.PBF at Shandong port deal 908-910 yuan/mt,decrease 5-7 yuan/mt. PBF at Tangshan port deal 915-917yuan/mt,increase 1-3 yuan/mt. As of September 1, inventories in the 35 ports tracked by SMM totaled 118.2 million mt, accumulating 1.1 million mt from last week and down 14.67 million mt from a year earlier. The average daily port evacuation volume of imported mines in this period decreased by 161,000 tons to 3.022 million tons week-on-week. Considering that the market has a certain peak season expectation atier entering September, the superimposed news is favorable and stimulated, which may drive the trading activity of the iron ore spot market. On the whole, the port may warm up, and the inventory of 35 ports will decline. According to SMM blast furnace maintenance data, the production of molten iron in the blast furnace next week is at a high level. In the short term, it is recommended to pay attention to steel mill profit changes and news, and iron ore prices are expected to fluctuate at a high level.

Source:  Metals Market Index (MMi)