MMi Daily Iron Ore Index Report September 18 2023

DCE iron ore futures declined by 0.17 % today, the main contract closed at 871.5 .The traders’ willingness to ship is low. The steel mills are wait and see. The overall trading sentiment of the market is less. SSF at Shandong port deal 842 yuan/mt, PBF at Tangshan port deal 952yuan/mt,. According to SMM shipping data, the total global iron ore shipment last week was 32.44 million tons, an increase of 2.6% month on month, with shipments from Australia and Brazil rebounding.  According to the arrival data of our country, the total arrival volume of major ports is 28.6154 million tons, an increase of 37.84% compared to the previous month. The reason for the sharp increase in port traffic this week was due to the impact of typhoons on port operation efficiency in the early stage, and the current resumption of unloading has led to a significant increase in arrival at the port. Based on SMM maintenance data, the demand side shows high fluctuations in the daily average hot metal production of blast furnaces. In addition, today’s macro news is temporarily stable, with neutral demand for finished products, and some steel mills still have profits for certain varieties. Overall, multiple factors have weakened the marginal support for mineral prices, and it is expected that mineral prices may weaken in the short term.

Source: Metals Market Index (MMi)