DCE iron ore futures continued to decrease largely today, the main contract I2201 has dropped by around 7.2% throughout the day, reaching the lowest level since the same period last year. The spot quotations tended to decrease by around 40-50yuan/ mt in the morning. After continuously decreasing price, some traders tend to sell in order to lower the loss space. But steel mills are still buy on their demand, the spot deal atmosphere will be difficult to be better in the short term. PBF at Shandong and Tangshan port dealt 1070yuan/mt, 1040yuan/mt, respectively, down around 8-10yuan/mt. While SSF at Shandong and Tangshan port dealt 715yuan/mt and 730yuan/mt, respectively today. Additionally, with fifth rising coal and coke price, some steel mills would be possible to adjust iron ore structure in the next day to lower the coke ratio.
Source: Metals Market Index (MMi)