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MMi Daily Iron Ore Index Report April 07 2022

DCE iron ore futures market falling trends by 3.02%, the main contract closed 900. the quotation in the morning was decreased by 5-10 yuan/mt over yesterday. Market wait-and-see sentiment increased, steel mills purchased on demand. total transactions remained insipid. PBF at Shandong port dealt 990-1015 yuan/mt; decreased 5-30 yuan/mt over yesterday. SSF at Shandong port dealt 725-735 yuan/mt; decreased 5-15 yuan/mt over yesterday. SSF at Tangshan port dealt 750 yuan/mt, decreased 7 yuan/mt over yesterday. SMM tracking data shows that from March 28 to March 3, a total of 67 ships arrived at China’s main ports, the arrival volume is expected to be 10.45 million tons, the arrival volume is 730,000 tons more than the previous period, 840,000 tons less than the same period last year. During this period, The outbound shipments from Australia decreased by 870,000 tons to 17.2 million tons, an increase of 1.64 million tons compared with the same period last year. Brazil’s outbound shipments in this period decreased by 1.47 million tons to 4.86 million tons, down 1.09 million tons compared with the same period last year. The amount of imported ore to Hong Kong increased slightly in this period, while the overall shipment from Australia and Brazil declined significantly. Give mine price certain support. In addition, the epidemic situation in Tangshan area is improved, which is expected to be unsealed in the next comprehensive area. At that time, the tension of steel raw materials caused by traffic control will improve, driving the demand for iron ore. However, given the aggravation of the epidemic in east China, the demand for iron ore may show regional differences.

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Source: Metals Market Index (MMi)

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