MMi Daily Iron Ore Index Report September 23 2022

DCE iron ore futures rose by 1.34% today, the main contract closed 719. Some traders were active attitude to sell. More steel mills tended to purchasing. Total transactions returned toactive.PBF at Shandong port dealt 755-758 yuan/mt; increased 5-8 yuan/mt than yesterday. PBF at Tangshan port dealt 763-765 yuan/mt ,increase 15-30 yuan/mt. Inventories at the 35 ports tracked by SMM totaled 128.15 million tonnes, down 5.09 million tonnes from last week and 5.55 million tonnes from a year earlier. The average daily dredging volume of imported mines in this period increased by 318,000 tons from the previous week to 3.03 million tons. In the current peak season of the steel market, the expected increase in demand is gradually realized. Taking into account the exhaustion of macro negatives, the improvement of downstream demand and the continued support of steel mills, it is expected that iron ore prices may fluctuate strongly next week.

Source: Metals Market Index (MMi)