MMi Daily Iron Ore Index Report September 20 2022

DCE iron ore futures declined by 3.06% today, the main contract closed 696. 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 744-750 yuan/mt; decreased 10 yuan/mt than last week. PBF at Tangshan port dealt 755-765 yuan/mt . On the macro side, the PBOC released the LPR quotation for September today, and the 1-year and 5-year interest rates remained unchanged. The market mentality was temporarily stable. The news that the Federal Reserve raised interest rates on Thursday may consume market confidence in advance, and the bearish sentiment of the market increased. At present, the profits of steel plants are still on the edge of profit and loss, the enthusiasm for production is relatively general, and the demand for raw materials has not increased significantly. In addition, the overseas mines are operating normally. After the shipment was reduced last week, the shipment was increased, and the port inventory may be accumulated this week. In the short term, the demand in the peak season is still to be verified, and the upward support of the mineral price is insufficient. It is expected that the mineral price.

Source: Metals Market Index (MMi)