MMi Daily Iron Ore Report (November 12)

DCE iron ore futures open lower and go higher，an increase of 4.40%throughout the day, the main contract closed 797.5.

DCE iron ore futures open higher and go lower, an increase of 0.66% throughout the day. the main contract closed 918.5. The spot quotation in the morning almost kept steady.

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.

Physical port stock prices traded close to their Friday levels today. Some mills purchased as needed though concluded transactions were low. PBF traded at 730-735yuan/mt in Shandong and 740 yuan/mt in Tangshan.

The bullish iron ore market took its foot off the gas a little today, with concluded transactions down on yesterday. Some traders held their quotes firm though mills were less likely to buy today.

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.

Iron ore physical port stock prices inched down over the morning session when DCE iron ore futures market walked downward, and although some traders expanded their negotiating space in the afternoon session, mills purchasing enthusiasm has yet to be aroused, total transactions today fell off.