MMi Daily Iron Ore Index Report September 26 2023

PBF at Shandong port dealt 929-935 yuan/mt; decreased 0-6 yuan/mt over yesterday. PBF at Tangshan port dealt 955 yuan/mt; increased 5 yuan/mt over yesterday. Although in the peak season of traditional industries, terminal demand is weak and steel shipments are average. The situation of steel mill losses has worsened, and the market is concerned about triggering negative feedback, resulting in a pessimistic overall mentality. Some steel mills sƟll have a demand for pre holiday restocking, but the port’s spot resources are tight, with fewer tradable resources and relatively strong spot prices. In the short term, the supply of iron ore is weak and the demand is strong, and the downward space for ore prices is limited. In the short term, the trend may continue to be weak and volatile.

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Source: Metals Market Index (MMi)