Latest Update in the SMM Iron Ore Price Market

DCE iron ore futures open higher and go lower, futures fall in the day. The main contract I2409 closed at 865.5 . an decrease of 0.75% throughout the day .

SMM estimates that 1.0591 million mt of pig iron output will be lost from blast furnace maintenance during May 11-17, down 190,000 mt on a weekly basis.

Amid global efforts to reduce carbon emissions and promote circular economy goals, many countries now consider steel scrap a strategic resource, leading to export restrictions.

DCE iron ore futures initially weak and then strong, The main contract I2409 closed at 888 . an increase of 6.48% throughout the day .

Port shipments outside China were 2.043 million mt last week, up 4% from a week ago.

According to SMM data, iron ore stocks across the ten major ports last week totalled 109.16 million mt last week, down 930,000 mt WoW from level before the Labour Day holiday, owing to a free-fall in port arrivals.

As of May 10, iron ore inventory across 35 ports tracked by SMM totalled 142.71 million mt, down 750,000 mt from level before the Labour Day holiday but up 20.29 million mt YoY.

According to data from the General Administration of Customs, China exported 9.224 million mt of steel in April 2024, down 664,000 mt or 6.7% MoM.