MMi Daily Iron Ore Index Report September 12 2019

Prior to the Mid-Autumn Festival holiday, activity in the port stock market fell off. Traders stood on the side-lines, especially as the iron ore DCE Futures market leapt higher just prior to close. Traders in North China say they will come back into the market after the holiday, seeming confident and firm on the rising prices. According to SMM, rebar inventory has been declining for the last five weeks, which will support mill buying activity following the holiday. However, strict production cuts and transport control are still expected in mid-late September given the upcoming 70th anniversary celebration, and iron ore prices may be limited by these potential activities.

Source: Metals Market Index (MMi)