MMi Daily Iron Ore Index Report September 28 2022

DCE iron ore futures declined by 0.49% today, the main contract closed 711.5. Some traders were active attitude to sell. More steel mills tended to purchasing. Total transactions returned toactive.PBF at Shandong port dealt 745 yuan/mt; increased 2-10 yuan/mt than yesterday.PBF at Tangshan port dealt 758-763 yuan/mt. Affected by the restrictions on sintering machines in Tangshan this week, the demand for lump ore continued to increase. According to SMM research, on September 28, the blast furnace operating rate according to SMM statistics was 94.06%, a week-on-week increase of 0.45%. According to the average daily hot metal output of sample steel plants, it is estimated that the national steel plant’s average daily hot metal production increased by 32,500 tons week-on-week. In addition, the inventory replenishment continued before the National Day, driving the demand for iron ore. It is expected that iron ore prices will continue to fluctuate in the short term.

Source: Metals Market Index (MMi)