MMi Daily Iron Ore Index Report September 19 2023
DCE iron ore futures declined by 0.69 % today, the main contract closed at 862.5. The traders’ willingness to ship is excellent. The steel mills are active to purchase.The overall trading sentiment of the market is more.PBF at Shandong port deal 938-940yuan/mt, PBF at Tangshan port deal 947-951 yuan/mt, SSF at Tangshan port deal 820-825 yuan/mt. Today’s opening was driven by other sectors of the industry chain, and the iron ore market is expected to be beƩer. However, the subsequent speech by relevant national departments regarding the dual focus caused a cooling of emotions. Fundamentally, overseas supply is significantly loose, and according to SMM statistics, the impact of blast furnace maintenance this week on molten iron was 906000 tons, an increase of 47600 tons compared to last week’s maintenance. It is expected that the impact of blast furnace maintenance on molten iron next week will further decrease compared to this week. However, the current ore prices are sƟll on the high side, and under the influence of factors such as neutral macro news, weak transmission of the industrial chain, difficulty in improving steel mill profits, and gradual reducƟon of restocking, it may be difficult for iron ore prices to further rise.
Source: Metals Market Index (MMi)