SMM Daily Comment On Imported Iron Ore Market (Sep 19)

Published: Sep 19, 2023 21:44

Source: SMM

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The most-traded DCE I2401 iron ore contract closed down 0.69% at 862.5 yuan/mt today.

SHANGHAI, Sep 19 (SMM) – The most-traded DCE I2401 iron ore contract closed down 0.69% at 862.5 yuan/mt today. Iron ore traders’ enthusiasm for shipments was acceptable, steel mills purchased based on rigid demand, and the overall transaction atmosphere was active. The transaction prices of PB fines were 938-940 yuan/mt in Shandong, 820-825 yuan/mt in Hebei, and super special fines were 947-951 yuan/mt in Hebei. Other sectors of the industrial chain drove expectations for the iron ore market, but then the relevant state departments’ speeches cooled down market sentiment. Fundamentals indicate that overseas supply was obviously loose. According to SMM statistics, the production reduction of pig iron caused by blast furnace maintenance this week was 906,000 mt, an increase of 47,600 mt WoW, and it may continue to decrease in the next week. Although the current ore prices are still at a high level, iron ore prices may be difficult to rise further due to factors such as neutral macro news, weak industrial chain transmission effects, shrinking steel mill profits, and gradual reduction in restocking.

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