MMi Daily Iron Ore Index Report September 06 2024

today, iron ore futures fluctuated downward. the most-traded contract i2501 increased positions and fell in the morning, rebounded slightly in the afternoon as some shorts exited, and finally closed at 684 yuan/mt, down 0.07% for the day. as the weekend approached, traders showed weak willingness to sell. steel mills’ inquiries were acceptable, but their purchase willingness was average. the market transaction atmosphere remained sluggish today. in Shandong, pb fines traded at around 685-690 yuan/mt, up 5 yuan/mt from yesterday; in Tangshan, pb fines traded at 705 yuan/mt, up 5 yuan/mt from yesterday. As of September 6, the total inventory at the 35 ports tracked by SMM was 150.72 million mt, up 250,000 mt wow and up 35.05 million mt yoy. recently, iron ore prices have continued to decline significantly, coupled with low in-plant inventory at steel mills, leading to some restocking demand. the daily average port pick-up volume of imported ore increased by 50,000 mt wow to 2.919 million mt. recently, steel mill profits have somewhat recovered, and the pace of blast furnace resumption has accelerated. coupled with pre-mid-autumn festival restocking, iron ore demand is expected to pick up next week, and the fundamentals will continue to improve. however, considering the increasing market concerns about economic recession, the market atmosphere remains sluggish, and the apparent demand for steel is weak. it is expected that iron ore prices will not have a significant rebound opportunity in the short term and may continue to fluctuate downward.

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Source: Metals Market Index (MMi)