MMi Daily Iron Ore Index Report September 25 2023

DCE iron ore futures fall today by 2.03%. the main contract I2401 closed 844.5. some traders were negative to sell, and quotation is still stronger. But some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 930-935 yuan/mt; decreased 10-15 yuan/mt from last Friday. PBF at Tangshan port dealt 945-950 yuan/mt; decreased 7-15 yuan/mt from last Friday. According to SMM shipping data, both global shipping and arrival volumes have shown a significant decline in this cycle, with supply increasing less than expected. At the same time, the pre holiday restocking is approaching its end, and the demand for iron ore has peaked and fallen. After the peak season of superimposed terminal demand, there was no significant improvement, and the overall market mentality was weak. However, the production of molten iron is at a high level, and the port inventory has been in a position in recent years. There is still support for mining prices, and it is expected to continue to fluctuate in the short term.

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Source: Metals Market Index (MMi)