MMi Daily Iron Ore Report (May 17)

DCE iron ore futures market rose by 5.84% ,and the main contract closed 616.5.

As of September 10, iron ore inventories across 35 ports tracked by SMM totalled 122.13 million mt, a decrease of 420,000 mt from the previous week, but up 13.95 million mt year-on-year. Daily average deliveries from the 35 ports decreased by 76,000 mt on a weekly basis to 2.6 million mt.

A total of 95 vessels carrying 15.38 million mt of iron ore arrived at major Chinese ports during January 17-23, SMM estimates. This was down 4.08 million mt from the prior week but up 3.3 million mt from the same period last year.

DCE iron ore futures market continued strong tendency while the transaction prices still mixed with small ups and downs. Market players’ bullish sentiment increased given recent declining iron ore inventory at ports.

A day of little activity to note today, with both physical and exchange traded iron ore contracts trading in a narrow band.

A consulting letter for amending iron ore delivery brands from Dalian Commodity Exchange has been seen in the market.

The DCE Iron ore futures market fell after the vice-chairman of CISA announced investigations into recent high prices

The Chinese DCE iron ore futures market hit a 5-year high today

Pre-holiday restocking at steel mills nudged up daily average deliveries departing Chinese ports this week

On heavy pollution, three steel mills have been requested to shut down one more blast furnace each