MMi Daily Iron Ore Report (May 18)

On May 29, 2023, WISCO Group Xiangyang Heavy Equipment Materials Co. solicited bid for 60B ferromolybdenum.

DCE iron ore futures market rose sharply trends in the afternoon. the main contract closed 709.5. an increase of 3.96% throughout the day.

DCE iron ore futures fall today by 2.23%. the main contract I2309 closed 681. Traders have strong willingness to support prices;

DCE iron ore futures market falling trends, the main contract I2309 closed 707, an decrease of 2.95% throughout the day; some traders were negative to sell, steel mills purchased on demand.

Last week, the domestic zinc concentrate TCs remained stable, and the current domestic ore supply is relatively stable. Due to the continuous rise in the SHFE/LME zinc price ratio, the profits of imported ores are high. There will be large inflow of imported ore in the near term.

SMM reported that the market quotation for hot-rolled coil in the morning of May 22 dropped 20 yuan/mt compared with last Friday.

Prices stabilised between 15,000-15,500 yuan/mt as of May 18, with a weekly average of 15,250 yuan/mt, down 100 yuan/mt from a week earlier.

In April, the prices of battery-grade nickel sulphate extended the downward trend. The quotations of battery-grade nickel sulphate averaged 35,042-35,857 yuan/mt in April, down 3,143 yuan/mt from a month earlier. The supply of nickel salt became more ample, and the weak downstream demand failed to pick up noticeably.

Overall, the price spread between aluminium and aluminium scrap tightened in April. The price spread in east China stabilised, while that in south China fluctuated significantly.