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MMi Daily Iron Ore Index Report September 19 2022

DCE iron ore futures declined by 1.4% today, the main contract closed 705.5. Some traders were general attitude to sell. More steel mills tended to wait and see, and purchasing enthusiasm is not high. Total transactions returned to positive.PBF at Shandong port dealt 745-760 yuan/mt; decreased 5-10 yuan/mt than last week. According to SMM statistics, from September 12 to September 18, the total global iron ore shipments totaled 31.01 million tons, an increase of 18.1% from the previous month. Among them, Australia’s shipments to China increased month-on-month, while Brazil’s shipments to China decreased month-on-month. The total amount of Chinese iron ore arriving in Hong Kong was 23.47 million tons, an increase of 49.2% from the previous month. After a slight drop in shipments last week, overseas shipments have returned to stability. At present, the inventory of steel mills is low, and there is still a strong demand for replenishment before the National Day holiday. However, considering that the eve of the important national meeting in October will gradually limit production and logistics due to environmental protection factors, the room for demand growth may be relatively limited. In addition, the current macro news is more, and the.

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Source: Metals Market Index (MMi)

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