SMM Daily Comment On Imported Iron Ore Market (Sep 21)

Published: Sep 22, 2023 18:06 (GMT+8)

Source: SMM

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The most-traded DCE 2401 iron ore contract closed down 1.9% at 854 yuan/mt yesterday.

SHANGHAI, Sep 22 (SMM) – The most-traded DCE 2401 iron ore contract closed down 1.9% at 854 yuan/mt yesterday. Iron ore traders' shipment willingness and steel mills’ inquiry enthusiasm were acceptable, but the overall transaction atmosphere was average. The transaction price of PB fines was 958 yuan/mt in Hebei, and super special fines was 832 yuan/mt. Yesterday, the Fed's FOMC meeting decided to keep the current interest rates unchanged but is expected to raise interest rates again before the end of the year. This news is in line with the general expectations of overseas markets but undermined domestic market sentiment. The fundamentals of iron ore changed a little. The demand for finished steel in the industrial chain improved, which may lift iron ore prices. In the short term, ore prices may fluctuate within a narrow range.

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