MMi Daily Iron Ore Index Report September 28 2021

According to data tracked by SMM, 90 ships arrived at domestic main ports during September 20-26. Arrivals of cargoes are estimated to stand at 13.47 million mt, up 4.54 million mt from the previous session, and up 2.41 million mt year on year. Shipments that departed Australian ports were estimated to rise 0.74 million mt week on week and 2.41 million mt on the year to 19.48 million mt, and that from Brazilian ports added 200,000 mt on the week and down 2.03 million mt on the year to 6.3 million mt. Arrivals of imported ore increased from last week, with more departures from Australia and Brazil. While the production of hot metal in China is expected to fall further amid frequent blast furnace maintenance at steel mills due to production reduction policies. Specifically, many steel mills in Wuan City completely suspended production due to environmental protection requirements, dragging down the interest in purchase. The fundamentals of iron ore continued to weaken, and iron ore prices face downward risks after the re-stocking demand was fulfilled ahead of the National Day holiday. DCE iron ore futures fell by around 3% today, the spot quotation tend to be stable in the morning. Some steel mills still were quire active to inquiry and buy if the price was suitable. PBF at Shandong port dealt 820-830yuan/mt today, almost stable over yesterday.

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Source: Metals Market Index (MMi)