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  MMi Daily Iron Ore Report (March 11)

  Iron ore futures fluctuated with a strengthening bias today, with the main contract I2605 ultimately closing at 787.5 yuan per ton, up 0.90% from the previous trading session.

• BC Copper Fluctuated and Closed Slightly Lower, Macro Sentiment Awaited the CPI Release [SMM BC Copper Commentary]

• Domestic Supply Pressure Remained High, and the Center of SHFE Zinc Moved Lower [SMM Daily Zinc Commentary]

  [China’s Supply Pressure Remained Relatively High, and the Center of SHFE Zinc Shifted Lower]: The most-traded SHFE zinc 2604 contract opened at 24,415 yuan/mt. In early trading, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,350 yuan/mt. As downward momentum proved insufficient, the center of SHFE zinc moved higher. It finally closed down at 24,385 yuan/mt, down 39 yuan/mt, or 0.12%. Trading volume fell to 74,804 lots, and open interest decreased by 527 lots to 74,220 lots.

• Hot Metal Fell Sharply, but Supply Concerns Pushed Up Futures, and Ore Prices Rose Slightly [SMM Brief Comment]

• [China Iron Ore Brief Review] Iron Ore Concentrate Prices in West Liaoning May Have Upside Potential

  [China Iron Ore Brief: Iron Ore Concentrates Prices in West Liaoning May Have Room to Move Higher] Trading sentiment in the domestic ore market in west Liaoning was relatively cautious, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 715-720 yuan/mt. Affected by safety and environmental protection inspections, local iron ore concentrates saw capacity utilization rates remain at relatively low levels, with overall resources tight, boosting sentiment among producers holding cargoes, while overall wait-and-see sentiment was relatively strong. Demand side, local steel mills mostly maintained normal production as planned