MMi Daily Iron Ore Index Report September 13 2023

DCE iron ore futures market falling trendsand has rebounded again in the end of the day. The main contract I2401 closed 860.5. Some traders continued to adopt separate quotations . Some steel mills tended to be wait-and-see, and purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 923 yuan/mt; decreased 2 yuan/mt over yesterday. PBF at Tangshan port dealt 925 yuan/mt; decreased 5- 10 yuan/mt over yesterday. SMM has added two new blast furnaces for maintenance and resumed production of one in this cycle. Resulting in a slight decrease in the production of pig iron. However, considering the low inventory of iron ore in steel mills and the approaching double section, there is a strong expectation of restocking. Iron ore demand remains high. But as terminal demand enters the peak season, the pressure on demand verification increases, coupled with the continuous narrowing of steel mill profits, or dragging down the trend of the black industry chain, and short-term ore prices may continue to fluctuate.

Source: Metals Market Index (MMi)