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MMi Daily Iron Ore Index Report April 18 2019

SMM forecasts that eighty vessels carrying 12.08 million mt of iron ore arrived at major Chinese ports in the week ended Thursday April 4, up 2.1 million mt from the previous week. For the same week, iron ore shipments departing Australian ports increased 6 million mt, to stand at 13.29 million mt. This fell some 2.67 million mt from the same period a year ago. Iron ore leaving Brazilian ports was expected to drop by 3.16 million mt on the week, to a record low of 2.32 million mt, due to Vale’s dam accident in January. Physical iron ore port stock quotes continue to ease. Mills are seeking lower prices though traders are reluctant to concede further ground and thus transacted deals were low. It is predicted that there is limited room for further price falls in the iron ore port stock market given the consistent demand coming from the steel mills.

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Source: Metals Market Index (MMi)

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