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MMi Daily Iron Ore Index Report September 29 2022

DCE iron ore futures rose by 0.77% today, the main contract closed 722.5. The enthusiasm of the traders for shipment is fair, and the steel mills are mainly wait-and-see, with few transactions in the market.PBF at Shandong port dealt 753-755 yuan/mt; increased 5-10 yuan/mt than yesterday.PBF at Tangshan port dealt 770-785 yuan/mt ; increased 20-35 yuan/mt than yesterday. According to the inventory data of the top ten ports tracked by SMM, the total inventory of the ten ports this week accumulated 0.3% month-on-month to 90.11 million tons. In terms of varieties, both lump ore and pellets have decreased slightly. Up to now, the restocking of steel mills before the holiday has basically ended. Terminal demand is still picking up in October. However, subject to the expectation that the price of coke will still rise, it is expected that the profit of steel mills will remain at the current state. Superimposed on the impact of the major meeting in October, the environmental protection production was restricted ahead of schedule, and the demand for iron ore decreased slightly. On the whole, it is expected that the price of iron ore will remain stable and fluctuated before the National Day.

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Source: Metals Market Index (MMi)

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