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MMi Daily Iron Ore Index Report April 18 2022

DCE iron ore futures continued to fluctuate by 0.88% in a day, the main contract closed 922, The spot quotation in the morning almost kept steady. some traders were active to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high. Total transactions remained insipid. PBF at Shandong port dealt 1005-1010 yuan/mt; the same as last Friday. SSF at Shandong port dealt 750-755 yuan/mt; increased 5 yuan/mt from last Friday. SSF at Tangshan port dealt 755 yuan/mt. the same as last Friday. Due to the impact of COVID-19, four cities in Tangshan have issued epidemic control since midnight today. The demand for iron ore by certain inhibition, but the impact is limited, at present Tangshan steel mills have to deal with a passport, Iron ore supply is normal. But in view of coke prices today again, once steel profits will appear losses, save the risk of production reduction. In the short term iron ore prices are expected to fluctuate.

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Source: Metals Market Index (MMi)

 

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