MMi Daily Iron Ore Index Report September 27 2023

DCE iron ore futures rose smally today by 0.59%. the main contract I2401 closed 846.5. Some traders have already gone on vacation, and there are fewer shipping traders. The steel factory’s restocking has basically ended, with fewer inquiries. Total transactions is poor. PBF at Tangshan port dealt 960 yuan/mt; increased 5 yuan/mt over yesterday. Although five steel mills in Shanxi have successively reported maintenance plans today, most of the maintenance is carried out after holidays, and the current level of molten iron is still at a high level. In addition, there was a lot of macro news today, which boosted market confidence. High speed molten iron and macroeconomic benefits support the rebound of mining prices.

Source: Metals Market Index (MMi)