MMi Daily Iron Ore Index Report September 28 2023

DCE iron ore futures continued to fluctuate in a day, the main contract I2401 closed 852, an increase of 0.89%throughout the day. Traders ship according to the market, and there is no purchasing demand after the steel factory restocking ends. Market transactions have almost stagnated. PBF at Shandong port dealt 941 yuan/mt; increased 5 yuan/mt over yesterday. Next week, some steel mills in Shanxi have plans for blast furnace mainte- nance, and the demand for iron ore has significantly decreased. The basic support for ore prices is weakening. Considering the small impact of macro news during the National Day holiday, it is expected that ore prices will remain stable during the holiday period, and may fluctuate weakly after the holiday.

Source: Metals Market Index (MMi)