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MMi Daily Iron Ore Index Report April 17 2020

SMM data showed that iron ore stocks across 35 Chinese ports totalled 108.14 million mt as of April 17, down 300,000 mt from a week ago and 20.55 million mt lower than a year ago. Daily average deliveries from the 35 ports increased 24,000 mt from a week ago to 2.75 million mt this week. More arrivals slightly pushed up stocks at two ports in Tangshan. Low availability of certain low-grade ore and Brazilian ore at Jingtang port drove some steel mills to increase purchases from Caofeidian port. Daily average deliveries from major ports in Shandong declined as steel mills restocked in small quantities as needed, but fewer arrivals allowed port stocks to fall. Deliveries from ports are likely to increase slightly in the short term on the back of strong demand.

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Source: Metals Market Index (MMi)

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