MMi Daily Iron Ore Report (Nov 8)

The concentrate price index of domestic iron ore stood at 994.8 yuan/mt last week, up 7.4% from a week earlier. Domestic iron ore prices in the main regions rose 20-130 yuan/mt, mainly due to the following reasons. First, the steel mills have higher demand for iron ore after the National Day holiday. And the domestic ore output in some regions trended lower amid power rationing, torrential rain, transportation restrictions, but recovered slowly from the second half of last week. Meanwhile, the price increases of imported iron ore early last week boosted the domestic ore prices.

Coronavirus strikes, causing chaos in the Chinese iron ore market, just as the population prepares to come back to work following the National Lunar New Year Holiday.

SMM data showed that iron ore stocks across 35 Chinese ports totalled 116.36 million mt as of February 7.

2019 dawned with the recent dam collapse in Brazil,shrinking supplies and post-holiday stockpiling conspiring to keep low-alumina premiums at high levels.

Iron ore DCE futures were limit down on the open, following the collapsing SGX futures market.

Mill demand rose as rebar futures rose over yesterday. DCE iron ore futures showed some volatility.

DCE iron ore futures continued to recover, pushing the physical port stock market higher, quotes rising by 5-10 yuan/mt.

Limited arrivals lowered iron ore stocks across 35 Chinese ports by 2.88 million mt on a weekly basis to129.26 million mt as of November 30.

Physical Iron ore port stock quotes dropped by 20-30 yuan/mt as iron ore DCE Futures market hit limit down quickly this morning

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