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MMi Daily Iron Ore Index Report April 19 2022

DCE iron ore futures open higher and go lower,an decrease of 3.27% throughout the day; the main contract closed 887. The spot quotation first up and then down in the day. Some traders adopt separate quotations, Some steel procurement more cautious, the continuation of a small number of multi-frequency procurement strategy today’s overall market transaction atmosphere in general. PBF at Shandong port dealt 985-995 yuan/mt; decreased 10-25 yuan/mt over yesterday. SSF at Shandong port dealt 720-735 yuan/mt; decreased 20-30 yuan/mt over yesterday. SSF at Tangshan port dealt 735-740 yuan/mt. decreased 15-20 yuan/mt over yesterday. SMM tracking data shows that from April 11 to April 17, a total of 82 ships arrived at China’s main ports, the arrival volume is expected to be 12.595 million tons, the arrival volume is 2.93 million tons more than the previous period, 605,000 tons less than the same period last year. During this period, The outbound shipments from Australia increased by 1.25 million tons to 18.45 million tons, an increase of 1.85 million tons compared with the same period last year. Brazil’s outbound shipments increased by 170,000 tons to 5.53 million tons, down 1.47 million tons compared with the same period last year. The amount of imported ore to Hong Kong increased significantly in this period, while the overall shipment from Australia and Brazil increased slightly. Recently, Shipments from Australia continued to increase, and shipments from Brazil also increased twice in a row. Iron ore supply is on the rise. Affected by the COVID-19 epidemic, domestic demand is temporarily stable, but today the National Development and Reform Commission released the news that this year will continue to reduce crude steel production, iron ore demand will decline, is expected to be weak tomorrow shock operation.

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Source: Metals Market Index (MMi)

 

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