MMi Daily Iron Ore Index Report September 08 2023

DCE iron ore futures declined by 2.07 % today, the main contract closed at 827.5. The traders’ willingness to ship is low. The steel mills are wait and see. The overall trading sentiment of the market is less.PBF at Shandong port deal 893-898 yuan/mt,decrease 4-9 yuan/mt. SSF at Shandong port deal 766 yuan/mt. PBF at Tangshan port deal 900-910 yuan/mt,decrease 10-20yuan/mt. As of September 8th, the total inventory of 35 ports tracked by SMM was 115.67 million tons, a decrease of 2.53 million tons compared to last week and 17.57 million tons compared to the same period last year. The daily average port clearance volume of imported mines in this period increased by 23000 tons on a weekly basis to 3.046 million tons. This week, overseas shipments have been relatively loose, with an increase in arrivals. However, driven by the rigid demand for blast furnace production in steel mills and the improvement of port operation efficiency, port inventory has decreased. Affected by the news, the short-term market mentality may become cautious, and it is expected that iron ore prices will mainly fluctuate next week.

Source: Metals Market Index (MMi)