MMi Daily Iron Ore Index Report September 22 2023

DCE iron ore futures rose by 0.87 % today, the main contract closed at 871.5. The traders’ willingness to ship is excellent. The steel mills are active to purchase. The overall trading sentiment of the market is general. PBF at Shandong port deal 940 yuan/mt, PBF at Tangshan port deal 965 yuan/mt. Recently, the news has fluctuated frequently. Firstly, there are concerns about the limited production market during the heating season, which may affect the demand for raw materials. However, with the orderly progress of domestic carbon emissions work and the upgrading of steel plant equipment, the impact of carbon emissions is gradually decreasing. Secondly, the market has discussed the impact of overseas mining accidents on supply, leading to an increase in bullish sentiment in the market. In fact, the news is relatively lagging and has little impact. In the future, the dual sector replenishment may gradually come to an end, and the emotional side will gradually digest. In the future, attention should be paid to changes in molten iron and the impact of other s ectors of the industry chain. It is expected that the mining price may fluctuate in a narrow range.

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Source: Metals Market Index (MMi)