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MMi Daily Iron Ore Index Report August 12 2019

A few mills in Shanxi have stated that they will cut production in response to the current low profit margins. This statement drove the iron ore DCE Futures and the physical port stock markets lower in the morning trading session. Quotes in the port stock market dropped by 30-40yuan/mt by noon and in the afternoon session there were still a few traders in panic mode. However, as the DCE rose in the afternoon, some traders increased their offers by 10yuan/mt, and PB Fines traded at 710yuan/ mt, up 10-15yuan/mt compared with that in the morning. Though as traders are still cautious and mills showed little appetite for buying, total transactions were relatively low.

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Source: Metals Market Index (MMi)

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