MMi Daily Iron Ore Index Report September 20 2023
DCE iron ore futures rose by 0.46 % today, the main contract closed at 873.5. The traders’ willingness to ship is excellent. The steel mills are active to purchase. The overall trading sentiment of the market is more. SSF at Shandong port deal 854-855 yuan/mt, PBF at Tangshan port deal 955-960 yuan/mt. Today, the National Development and Reform Commission frequently expressed confidence in the Chinese economy at its press conference, and the central bank also stated that it will continue to promote the smooth progress of mortgage interest rate work. Macroscopic news has given the market some confidence, but in the face of decreasing support for mining prices, there has been no significant release of demand for finished products, making it difficult to support further upward mining prices. In the short term, there is still a certain demand for replenishment from steel mills in some areas near the Double Festival, which limits the downward space for ore prices. Therefore, in the short term, iron ore prices will continue to fluctuate in a narrow range.
Source: Metals Market Index (MMi)