MMi Daily Iron Ore Index Report April 02 2019

Sixty-six vessels carrying 9.98 million mt of iron ore were expected to arrive at major Chinese ports in the week ended Thursday March 28, down 120,000 mt from the previous week, SMM data showed. For the same week, tropical cyclones were expected to lower iron ore shipments departing Australian ports by 8.55 million mt, or 54%, from the prior week, and iron ore leaving Brazilian ports was likely to fall by 480,000 mt, or more than 8% on the week. The impact of January’s dam accident at Vale will also continue to affect shipments from Brazil in April. Trades rose, with trades between traders in the majority. Traders were reluctant to lower their offers, standing firm despite mills trying not to purchase from port stock.

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Source: Metals Market Index (MMi)