Daily review of imported ore on May 7

Published: May 7, 2024 17:18

Source: SMM

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The most-traded DCE 2309 iron ore contract moved downwards after opening higher, closing down 0.06% at 886.5 yuan/mt today.

The most-traded DCE 2309 iron ore contract moved downwards after opening higher, closing down 0.06% at 886.5 yuan/mt today. Traders are still quite eager to sell. Some steel mills have a need to replenish inventory after the holiday and purchase on demand. The overall market transaction atmosphere today was moderate. The transaction prices of PB fines in Shandong were mainly 882-890 yuan/mt, down 0-5 yuan/mt from yesterday, while those in Tangshan were 905-910 yuan/mt, down 0-5 yuan/mt.

SMM estimates that 1.2668 million mt of pig iron output will be lost from blast furnace maintenance during May 4-10, down 87,100 mt on a weekly basis. SMM estimates that 1.0926 million mt of pig iron output will be lost from blast furnace maintenance during May 11-17, down 174,200 mt on a weekly basis. Pig iron output is still recovering, but the increase may narrow this week. Combined with the high valuation of iron ore, market operations are relatively cautious; but considering that the fundamentals are still supportive, it is expected that ore prices will still be driven upward after a short-term adjustment.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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