Latest Update in the China Finished Steel Market

DCE iron ore futures tight，the main contract closed 609.5，an increase of 2.44% throughout the day.

Moderna's CEO warn that the effectiveness of the current vaccine will drop significantly against the Omicron variant COVID-19, which drove up the risk aversion sentiments across the global market.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on November 30, 2021

The PMI for steel downstream sectors stood at 49.97 in November, down 0.1 point month on month, but up 0.29 point year on year. The seasonally-adjusted composite index stood at 49.77, an increase of 1.37 points MoM and 0.27 point YoY.

According to data tracked by SMM, 54 ships arrived at domestic main ports in November 22-29. Arrivals of cargoes are estimated to stand at 8.24 million mt, down 3.58 million mt from the previous week and down 6.39 million mt year on year.

DCE iron ore futures market rose by 4.77%，the main contract closed 614.5.

The steel mills lowered their guide prices early last week, depressing the spot market and growing market pessimism.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on November 29, 2021