MMi Daily Iron Ore Index Report September 30 2022

DCE iron ore futures rose by 0.07% today, the main contract closed 721.5.Few transactions in the market.PBF at Shandong port dealt 753 yuan/ mt,PBF at Tangshan port dealt 768 yuan/mt ; keep stable compare with yesterday. As of September 30, the inventory of 35 ports tracked by SMM totaled 127.09 million tons, down 1.07 million tons from last week and 10.73 million tons from the same period last year. The average daily port dredging volume of imported ore in this period increased by 170000 tons to 3.2 million tons on a weekly basis. This week, the steel mill just needs to replenish the warehouse, which drives the port dredging volume to increase again. Considering the impact of the major meeting in October and the advance of environmental protection production restriction, the demand for iron ore may decline slightly after the festival. It is expected that the price of iron ore will fluctuate widely in the later period.

Source: Metals Market Index (MMi)