Today, DCE iron ore futures continued to rally, with the most-traded contract I2509 reaching a high of 769.5 yuan/mt and closing at 766.5 yuan/ mt, up 0.26% for the day. Traders sold goods according to market conditions. Steel mills adopted a cautious wait-and-see attitude, mostly conducting tenders for procurement on an as-needed basis. The market transaction sentiment was generally moderate. In the Shandong region, the mainstream transaction prices of PB fines were around 748-750 yuan/mt, holding steady compared to last Friday. In the Tangshan region, the transaction price of PB fines was around 765 yuan/mt, also holding steady compared to last Friday. SMM shipping data showed that the total global iron ore shipments last week were 30.55 million mt, down 1.97 million mt MoM (a 6% decline), while China’s iron ore port arrivals were 24.69 million mt, down 1.62 million mt MoM (a 6% decline), indicating a continued downward trend in short-term supply.

Download PDF

Source: Metals Market Index (MMI)