MMi Daily Iron Ore Report (May 8)

DCE iron ore futures continued to fluctuate in a day, main contract closed688.5. a increase of 1.7% throughout the day,the price start to go up.The spot quotation in the morning almost kept steady.

DCE iron ore futures continued to rise in a day, the main contract closed downward , which resulted in a slightly increase today. The quotation in the morning almost kept stable over yesterday. Some traders tended to increase their quotation during the trading period, while steel mills bought on their demand.

As of January 29, iron ore inventories across 35 ports tracked by SMM totalled 118.86 million mt, an increase of 340,000 mt from the previous week and 4.31 million mt year-on-year. The increase slowed down further. The average daily deliveries from the 35 ports decreased 236,000 mt on a weekly basis to 2.69 million mt last week.

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.

The physical port stock prices for PBF in the morning soared by around 100yuan/mt over last Friday when DCE iron ore futures market continuously recorded new high. The actual transaction prices for PBF in Tangshan market ascended by 70-80yuan/mt and that in Shandong market was conclude at 1150yuan/mt for pre-sale resources, increased by 85yuan/mt over last Friday.

As of December 18, iron ore inventories across 35 ports tracked by SMM totaled 115.94 million mt, a decrease of 340,000 mt fr om the previous week.

Although DCE iron ore futures market stopped falling over yesterday, the physical port stock market seemed no improvements, and some products prices kept declining continuously.

SMM data showed that iron ore stocks across 35 Chinese ports totalled 108.18 million mt as of September 18, up 890,000 mt from a week ago, but 3.76 million mt lower than a year ago.

A total of 108 vessels carrying 16.89 million mt of iron ore arrived at eight major Chinese ports during July 12 -18, SMM estimates. That rebounded 1.45 million mt from the prior week and rose 5.36 million mt from the previous year.

Seventy vessels carrying 10.74 million mt of iron ore are likely to arrive at major Chinese ports during Nov 2-8