MMi Daily Iron Ore Report (December 29)

DCE iron ore futures market took another rally today and the transaction prices for PBF in Shandong and Tangshan market increased by 5-15yuan/mt to 1025-1030yuan/mt. CISA recently announced the average daily output of pig iron from the key steel enterprises in the first ten days, with YoY growth of 10.94%, and increased by 5.77% over last ten days in November.

A total of 89 vessels carrying 14.65 million mt of iron ore arrived at major Chinese ports during December 6-12, SMM estimates. This was up 1.5 million mt from the previous week but down 1.61 million mt from the same period last year.

Although DCE iron ore futures market headed for upward, the physical port stock prices inched down slightly. Some mills performed to be active in inquiring early this week due to their recent increasing profits while majority remained purchase on demands.

The physical port stock prices continued rising by 5-10yuan/mt as DCE iron ore futures market remained relatively strong tendency. PBF in Shandong market was mainly traded at 875yuan/mt and that in Tangshan market was around 880yuan/mt.

A total of 101 vessels carrying 16.56 million mt of iron ore arrived at major Chinese ports in the week ended June 20, SMM estimates. This was up 4.19 million mt from the prior week and up 5.5 million mt from a year earlier.

DCE iron ore futures market dive after early morning’s sharply rise. The physical port stock prices ascended by 0-10yuan/mt in the morning session, while there were few trades after DCE dive.

A total of 91 vessels carrying 14.05 million mt of iron ore arrived at major Chinese ports during May 3 -9, SMM estimates. This was up 1.21 million mt from the prior week, and up 1.72 million mt from the same period last year.

SMM data showed that iron ore stocks across 35 Chinese ports totalled 102.96 million mt as of May 8, down 2.29 million mt from April 30 and 21.53 million mt lower than a year ago. Daily average deliveries from the 35 ports decreased 18,000 mt from the week before the long holidays to 2.88 million mt last week.

The physical port stock quotes in the morning tended to up by 5yuan/mt while transactions were concluded successively with prices flat and some inched down slightly over that before the holiday.