SMM Daily Comment On Imported Iron Ore Market (Sep 18)

SHANGHAI, Sep 18 (SMM) – The most-traded DCE I2401 iron ore contract closed down 0.17% at 871.5 yuan/mt today. Today, iron ore traders were enthusiastic to ship, but steel mills were cautious in making inquiries, and the overall transaction atmosphere was muted. The transaction price of super special fines was 842 yuan/mt in Shandong, and PB fines were 952 yuan/mt in Hebei. Last week, SMM’s global iron ore shipments totaled 32.44 million mt, an increase of 2.6% WoW, among which shipments from Australia and Brazil picked up. Iron ore arrivals at major domestic ports were 28.6154 million mt last week, an increase of 37.84% WoW. Due to the recovery of port operation efficiency which was affected by the typhoon before, the port arrivals increased significantly after unloading. According to SMM maintenance data, the average daily pig iron output of blast furnaces fluctuates at a high level. Today’s macro news was temporarily stable, demand for finished steel was moderate, and some types of steel remained profitable. Overall, the support for ore prices from various factors weakened, and it is expected that ore prices may drop in the short term.