MMi Daily Iron Ore Report (August 3)

Prices of #1 bare bright copper without invoices averaged 59940 yuan/mt as of last Friday, down 720 yuan/mt from a week earlier.

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.

SMM reported that the market quotation for hot-rolled coil in the morning of May 26 rose 20-30 yuan/mt compared with the prior 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.

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.

DCE iron ore futures rose by 1.91% today, the main contract closed at 746.5.The traders' willingness to ship is general.

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.