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MMi Daily Iron Ore Index Report August 08 2019

A slight pause in the physical iron ore port stock market today as PB fines traded between 765 -785y uan/mt in the Shandong and Tangshan markets. Some traders were cautious due to the expected worsening demand for steel products. Other traders who also turned bearish, cut some of their inventory in order to protect their tightening margins. As for mills, some bought material today, though only to top-up inventory levels whilst others restocked, seeing buy opportunities at the current price levels. Concluded transactions at the ports rose today, giving some market player confidence that the volatility seen over the last few days may soon disappear.

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Source: Metals Market Index (MMi)

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