MMi Daily Iron Ore Report (May 15)

DCE iron ore futures open lower and go higher， futures tight by0.44% in the day. the main contract I2309 closed 797.

The market price of silica remained stable. The ex-factory price of high-grade silica in Hubei, the main producing area of silica, was 400-470 yuan/mt; the ex-factory price of low-grade silica in Yunnan was 300-340 yuan/mt; that of high-grade silica in Inner Mongolia was 420-450 yuan/mt.

DCE iron ore futures rose by 2.96% today, the main contract closed at 747.5.The traders' willingness to ship is better .The steel mills are not active to purchase.

Aluminium prices fluctuated significantly in April. Prices briefly stabilised at the beginning of the month and fell to 18,380 yuan/mt on April 11.

An aluminium giant in Shandong province lowered its May benchmark purchase prices of prebaked anode by 850 yuan/mt MoM to 4,525 yuan/mt (cash payment). As of May 12, SMM prebaked anode prices stood between 4,525-7,800 yuan/mt in east China and 4,975-5,345 yuan/mt in north-west China.

The SMM April Copper Concentrate Index continued to rise by $5.88/mt on the month to $83.38/mt. Offers for both blended and clean ore were ample in April. Offers of traders for seaborne clean ore, scheduled for delivery between June and August stood at $85/mt for smelters, and counteroffers stood at $90/mt.

DCE iron ore futures declined by 2.31% today, the main contract closed at 698.5.The traders' willingness to ship is general.The steel mills are not active to purchase.

The United States and the Eurozone will announce interest rate decisions after China’s Labour Day holidays, and macroeconomic expectations will have a greater impact on copper prices. US GDP data in the first quarter showed that the economy has slowed down but inflation remains high. The April PMI and ADP’s non-farm data in the United States due during the holidays will further guide the direction of copper prices.

In the morning of April 28, market quotes were stable from yesterday.